A NEW study by the environment and development think tank The Breakthrough Institute has directed harsh criticism at the World Bank and other multilateral development banks (MDBs) for "a major misallocation" of climate finance to low- and middle-income countries, finding that the greater part of the funding was directed to climate mitigation despite those countries contributing the least global emissions that are causing climate change. As the Philippines is currently experiencing its third typhoon in less than a month — part of a pattern of increasingly volatile weather events that have been clearly linked to global warming — the new findings are an unwelcome revelation.
