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“Foreign Operations” appropriation bills now working their way through Congress supposedly provide funding to “advance U.S. diplomatic priorities overseas,” “increase global security,” and continue “life-saving global health and humanitarian assistance programs for the world’s most vulnerable populations.”
The bills include handsome funding for the World Bank and other so-called Multilateral Development Banks: some $1.8 billion in total. The United States is by far the World Bank Group’s largest donor, and a major funder of four other MDBs: the African Development Bank, Asian Development Bank, Inter-American Development Bank and European Bank for Reconstruction and Development.
Years - Banks - Climate - Change - Alarmism
In recent years, these banks have embraced manmade climate change alarmism as a key foundation for their lending policies. In particular, they refuse to fund the development of electric power generation via fossil fuels – thereby starving impoverished nations and families of desperately needed electricity.
Instead, the MDBs are pouring money into solar and wind power schemes that simply cannot produce affordable, reliable electricity on a large enough scale to help raise their client countries out of poverty.
Fact - Madness - MDBs - European - Investment
In fact, they are ramping up their green madness. The five just-named MDBs, along with the European Investment Bank and Islamic Development Bank, recently released a joint report on what they call “climate finance” – which last year jumped a whopping 30 percent – to a staggering $34 billion dollars!
With over $13 billion in its coffers, the World Bank has the lion’s share of this green oppression money. But every one of these banks has greatly increased its climate focus, some even doubling it.
Purposes - Appropriation - Bills - MDBs - Banks
That is not just appalling. It is immoral and contrary to the supposed purposes of the appropriation bills. The MDBs have become anti-development banks, anti-vulnerable people banks. Their virtue-asserting “climate finance” terminology is more accurately described as climate callousness.
These tens of billions of dollars should help support projects that...
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