World Bank’s Revised Palm Oil Strategy Undermines Economic Development & Restricts Global Markets

February 2011 – A Submission by World Growth

World Growth has reviewed the revision by the World Bank of its proposed framework for engagement in palm oil following further comments from stakeholders. The new text now refers to many of the concerns raised by Governments, interest groups in developing countries and World Growth that the draft strategy disregarded the Bank’s obligation to advance economic development. Unfortunately, that improvement means little, because the original strategy proposed by the Bank remains basically unaltered. It continues to subordinate reduction of poverty and expansion of economic growth to environmental policy, instead of balancing the two. Since the revised strategy was issued, the official global community (represented by UNFCCC members) has formed a consensus on tackling forestry and climate change while also recognizing the development dimension. Global consensus to prioritize development puts the World Bank even further out of step with other international organizations.

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