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Posted Wed Aug 19 2009: from Climate Wire:
How the World Bank Let 'Deal Making' Torch the Rainforests
The World Bank ignored its own environmental and social protection standards when it approved nearly $200 million in loan guarantees for palm oil production in Indonesia, a stinging internal audit has found. The report, detailing five years of funding from the International Finance Corp. (IFC), the private-sector arm of the World Bank, lambastes the agency for allowing commercial pressures to influence four separate loans aimed at developing the industry. "The IFC was aware for more than 20 years that there were significant environmental and social issues and risks inherent in the oil palm sector in Indonesia," auditors wrote. "Despite awareness of the significant issues facing it, IFC did not develop a strategy for engaging in the oil palm sector. In the absence of a tailored strategy, deal making prevailed."
[Read more stories about: climate impacts, capitalist greed, economic myopia, deforestation, global warming]

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dumbgrid says: "that's a slap in the face w/ a palm of oil"

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'Doc Michael says:
It's a small-minded world bank after all.

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