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Steve Kretzmann's Posts

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Loan sharks

The World Bank offers to loan developing countries the funds to pay for climate change adaptation

What would you say if someone drove a truck into your house, then jumped out and offered you a loan to help rebuild? After you stopped screaming at them, which might take a while, you'd demand that they pay for damages that they caused, of course. Over time though, if no one forced the truck driver to pay for the damages, you might be tempted to take the loan. Sure, its a rip-off, but at least you get the money you need to rebuild. This is exactly what's happening today with much needed funding for adaptation to climate change impacts …

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Bailing out Bidder 70

Tim DeChristopher and Utah stand up to Big Oil

I've never been big on rules. Neither, apparently, is Tim DeChristopher. He's the young activist who just completely derailed the Bush administration's plans to sell more of our public lands to the oil companies. He sat in the lease sale in Salt Lake City on Dec. 19 and "bought" 22,500 acres of public lands right out from under the suits from Chevron and Exxon. One small problem -- Tim doesn't actually have the money. It almost doesn't matter, though, because he's monkeywrenched the process so thoroughly that they won't be able to conduct another sale until after the Obama administration …

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Coal hard cash

Amid climate talks, World Bank considers $5 billion loan for most carbon-intensive project ever

The race for Most Hypocritical Actor at the climate talks in Poznan, Poland is a crowded one, to be sure, but the World Bank, in one swift move, has taken a commanding lead. Late last week, as World Bankers in Poland were lobbying delegates over pierogies and pate, word leaked out of South Africa that the Bank's International Finance Corporation has agreed "in principle" to provide up to $5 billion of our tax dollars to support as many as six additional coal plants. If approved, this would be both the largest World Bank Group loan on record and the single …