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President Trump's decision to pull out of the Paris climate accord has set off a wave of criticism against the World Bank and other global financial institutions.
Now, a group of MIT researchers says the World Bank should be given more money to fight climate change, the New York Times reports.
In a paper published this week, the researchers argue that the World Bank has around $296 billion in "callable capital" that could be used to bail out bondholders in the event of a financial crisis.
The US has already appropriated $8 billion of that, and the researchers say Congress could provide the rest without new votes.
The paper argues that the World Bank's current lending level of $5 billion a year is too low, and that if it increased lending to $10 billion a year, it would be able to compete with China's massive lending to developing countries as part of its "Belt and Road" initiative, which aims to build infrastructure throughout the world, the MIT Center for Energy and Environmental Policy Research reports.
The paper argues that the World Bank should be given more funding because it is the only credible source of low-cost, long-term financing for clean energy investment, the Times reports.
"The United States needs to start thinking bigger," the researchers say.
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Bloodbath on Biddle: Fear and Philanthropy
Dacy Rehding, an orphan who roamed the streets of Wyandotte looking for a playmate until it drove her mad, serves as the inspiration for Bloodbath on Biddle – this year’s Wyandotte Jaycees haunted house.
