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Both spending bills make severe cuts in White House funding for multinational development banks that make basic infrastructure loans to the poorest countries.
The World Bank and other multinational development banks could use new capital to increase lending to public and private-sector entities in the developing world, which have been shut out of capital markets.
The authors suggested public money could be raised from carbon taxes ($30bn), possible aviation and shipping taxes ($10bn), the redirection of fossil fuel subsidies ($10bn), and by increasing the flows of money from multinational development banks such as the World Bank ($40bn).
In the past three years, the opening of the green bond market has been led by multinational development banks and other supranational organizations, like the World Bank and the European Investment Bank, which have issued low-risk triple A-rated bonds, yielding rates comparable with U.S. Treasury bonds.
The Treasury Department announced in October that it will stop funding most coal plants abroad through multinational development banks.
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Compared with the ninjas, the multinationals and the development banks that will help raise the largest-ever project financing for mining can at least claim to be part of the solution.
In regional "development" banks?
"Under the guise of bringing power to poor Africans, development banks are looking to put tens of billions of public money into a flight of fantasy that would only benefit huge Western multinationals and quite possibly feed African energy into European households," said Anders Lustgarten of the Bretton Woods Project, which scrutinises the World Bank and IMF.
The depredations of development banks and corporations.
Development banks cannot make small loans.
The strength of SRPB relies on its multinational development and validation, allowing for cross-cultural comparisons.
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