By Timothy A. Wise
The rice fields of Xai-Xai, three hours up the coast from Maputo, are vast, coming into view as we descended onto the alluvial plain from the villages that dot the hills above. They stretch across the plains toward the Indian Ocean as far as the naked eye can see, in the flat green monochrome of a rice plantation. Mozambique was one of the leading targets of large-scale agricultural investment projects, widely denounced as “land-grabs” by critics. Community resistance had prevented most such projects in Mozambique, including ProSAVANA, the controversial Brazil-Japan initiative, which was slated to be the largest land grab in Africa. As I’d seen in the field, it seemed to grow not crops but only rumors, threats, government proclamations, and community resistance.
Increasing the capital – and optimizing the existing capital – of the world’s MDBs is of the utmost importance. But doing so makes sense only if that financing is used to move the world economy in a direction consistent with the United Nations Sustainable Development Goals (SDGs) and the 2015 Paris climate agreement.
According to researchers at the Brookings Institution, the world needs to invest an additional $3 trillion per year in sustainable infrastructure in order to keep global warming below 2°C relative to pre-industrial levels – the target enshrined in both the SDGs and the Paris agreement. Today, however, infrastructure contributes heavily to global warming, with about 70% of all greenhouse-gas emissions coming from its construction and operation.
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