Spending billions of dollars on climate-related aid in countries that need help with tuberculosis, malaria and malnutrition.
In the run-up to the 2015 U.N. Climate Change Conference in Paris from Nov. 30 to Dec. 11, rich countries and development organizations are scrambling to join the fashionable ranks of “climate aid” donors. This effectively means telling the world’s worst-off people, suffering from tuberculosis, malaria or malnutrition, that what they really need isn’t medicine, mosquito nets or micronutrients, but a solar panel. It is terrible news.
On Oct. 9, World Bank President Jim Yong Kim pledged a one-third increase in the bank’s direct climate-related financing, bringing the bank’s annual total to an estimated $29 billion by 2020. In September, Chinese President Xi Jinping pledged to match President Obama’s promised $3 billion in aid to the U.N.’s Green Climate Fund. Meanwhile, the U.K is diverting $8.9 billion from its overseas aid budget to climate-related aid over the next five years, and France is promising $5.6 billion annually by 2020, up from $3.4 billion today. The African Development Bank is planning to triple its climate-related investments to more than $5 billion a year by 2020, representing 40% of its total portfolio.