Footing the world’s bill for a green transition
(euractiv.com 20 Jun 12) SPECIAL REPORT / World Bank President Lewis Preston called on rich donors to back a $5-billion (€4 billion) fund to help the world’s poorest nations protect their environment and make economic development more sustainable.
The year was 1992, just six months after the collapse of the Soviet Union and when the ink was barely dry on the European Union treaty.
Preston’s “Earth increment” – unveiled at the Earth Summit in Rio de Janeiro that June - was to provide low-cost environmental loans through the bank’s International Development Association, a complement to the billions in aid promises made to help heal the economic and environmental rifts left by the Cold War.
But Preston’s plan would – like other commitments to help the ecology of disadvantaged nations in the two decades since the Earth Summit – never saw the light of day.
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