While no one is claiming that the goals have actually been reached, indications are that the reported progress is significantly overstated. This sleight of hand is accomplished statistically by making the truly vulnerable and poor populations disappear into a larger pool of data collected on a macro scale from the better-off.
The "New Development Bank" announced in Fortaleza this week marks the launch of a collective lending platform steered exclusively by the BRICS countries. With an authorized capital of $100 billion, it could lend up to $34 billion per year. It is not an understatement to say that this is a new kind of bank for a new world order. For the first time in history, infrastructure spending consistently exceeds military expenditure.
The World Bank has not yet addressed climate issues systematically. Most notably, its Safeguard Policy framework does not require climate change risk assessments for Bank projects. This gap in policy has allowed the World Bank to continue financing projects with serious implications for our climate and to essentially ignore the issue completely.
In what's being deemed the worst mining disaster in Turkey's history, more than 240 miners have been killed and countless more are still missing. Prior to this tragedy, I sat down with EBRD's Director for Turkey to learn more about one of the international finance world's most surprising transitions beyond coal to becoming a potential clean energy leader.