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Posted Wed May 4 2011: from Independent:
Green schemes are 'wide open to major corruption'
Corruption is threatening global steps to combat climate change, a new report from Transparency International (TI) warned yesterday. Billions of pounds will be plundered and wasted, it says, unless stronger measures are introduced against embezzlement and misappropriation. The organisation warns that 20 nations most vulnerable to climate change - where millions in grants and aid will be targeted - are judged to be among the most corrupt in the world - and stronger oversight is needed to ensure the funds are properly spent. None of the countries, which include Bangladesh, Zimbabwe, Egypt and Vietnam, scores higher than 3.6 on TI's influential Corruption Perception Index, where 0 is wholly corrupt and 10 "very clean".... Any siphoning off of green grants would undermine efforts to reduce the impact of climate change by developing projects such as wind farms or solar power plants, improving sea wall defences, irrigation systems and housing capable of withstanding natural disasters, says TI. "Corruption holds nothing sacred, not even our planet's future," said Huguette Labelle, chair of TI. "Failure to properly govern climate change measures now will not only lead to misallocated resources and fraudulent projects today, but also hurts future generations," The report, Global Corruption Report: Climate Change, estimates the total investment into combating global climate change will reach almost $700bn by 2020. "Where huge amounts of money flow through new and untested financial markets and mechanisms, there is a risk of corruption," it says.
[Read more stories about: governmental corruption, corporate malfeasance]

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'Doc Jim says:
Simply replace "corruption" with "corporate profiteering" in the above. If the glove fits...

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