“THEORETICAL LIES” OF THE WORLD BANK. DEVELOPING COUNTRIES AND THE HIDDEN AGENDA OF THE “WASHINGTON CONSENSUS” What this really meant was that anything which might prove profitable should be handed over to the private sector. On the other hand, providing the infrastructure should fall to the public sector, since the costs needed to be met by society, to help out …

Takers and Makers: Who are the Real Value Creators? Where value meets profit meets economic rent, by Mariana Mazzucato. And deal with power…

The way the word ‘value’ is used in modern economics has made it easier for value-extracting activities to masquerade as value-creating activities. And in the process rents (unearned income) get confused with profits (earned income); inequality rises, and investment in the real economy falls. What’s more, if we cannot differentiate value creation from value extraction, it becomes nearly impossible to …

Public Banks Have Far Greater Financial Capacity Than We Think: We Need to Harness Democratized public banks for a green and just transition. Democratization example from Costa Rica.

By  Thomas Marois, Open DemocracyJuly 6, 2019 | EDUCATE!, STRATEGIZE! Public banks are resurgent, triggered by the failure of private finance to meaningfully confront the green transformation. But will resurgent public banks act in the public or private interest? How can progressives ensure public banks support a just green transformation? Democratization is the key. The turning point for public banks was really the UN’s 2015 Addis Ababa Action …

Major global firms accused of concealing their environmental impact: More than 700 companies, including Amazon and ExxonMobil, lack transparency

A $10tn (£7.9tn) investor alliance has accused more than 700 companies, including Amazon, Tesco and ExxonMobil, of failing to reveal the full extent of their impact on the climate crisis, water shortages and deforestation. The major global companies, with a combined worth ofmore than $15tn, lack transparency over their effect on the environment, according to the intervention by some of the …

Growth in Renewables has Stalled. Investment is Falling. But Why? We don’t need “more ambition” but a radically different system.  By now, the message should be clear: The insistence on private-sector-led investment in renewables is a failure

We don’t need “more ambition” but a radically different system.  By now, the message should be clear: The insistence on private-sector-led investment in renewables, which we are told needs to be “unlocked” through various incentives – subsidies, feed-in-tariffs, guaranteed returns through PPAs, etc. – has proven to be a disastrous failure. This is the reason why renewables are “underperforming.” This …

Pope Francis laments continued fossil fuel investment. ‘Startling’ inaction on climate change must end, he says

The Pope lamented continued development of and investment in fossil fuels.  “We continue along old paths because we are trapped by our faulty accounting and by the corruption of vested interests,” he said. “We still reckon as profit that which threatens our very survival.”  “It is my prayerful hope that…you will agree upon a common plan that accords with climate science, the …

Power Plant Securitization and Loan Refinancing: The law obligates customers to pay the cost of grid infrastructure built by monopoly utilities only if it can be shown to be a wise investment

The key question is, in utility regulator speak, “prudency.”  Should customers have to pay for ill-advised or imprudent investments? The law obligates customers to pay the cost of grid infrastructure built by monopoly utilities only if it can be shown to be a wise investment. Energy Outreach Colorado, which helps low-income households with their energy bills, is against the approach. …

On bill financing expands in Hawaii – Green Energy Money Saver (GEMS)

On April 8, Hawaii Governor David Ige formally announced the Green Energy Money $aver (GEM$) on-bill financing program, a statewide initiative to make clean energy more affordable for homes and small businesses. The culmination of more than seven years of work by Hawaiian authorities, the program provides easy-access financing for cost-effective rooftop solar panels and other renewable distributed energy systems, …

Finance Ministers Coalition Helsinki Principles

Since the Paris agreement on climate change in 2015, 33 global banks have poured $1.9tn into financing fossil fuel projects worldwide. Furthermore, the World Economic Forum says that in 2018 coal use inched up and progress on energy efficiency slowed, while the World Economic Forum has concluded that growth in renewables is too slow to meet Paris goals. The result is that energy-related greenhouse …