- Bruce Rich
- Environmental Forum
- September-October, 2015
- p. 20
The United Nations Green Climate Fund is the principal international mechanism to channel finance from richer nations to developing countries for climate change mitigation and adaptation....Troubling is the recent accreditation of the Deutsche Bank as the first purely private-sector GCF intermediary. Deutsche Bank is the world’s 10th-largest financer of coal projects, and...has been subject to massive criminal investigations and fraud charges in the United States and United Kingdom for conspiracy to rig interbank interest rates and for systematically lying to regulatory agencies and investigators — resulting in U.S. and U.K. authorities leveling in April the largest fines in history on a commercial bank, some $2.5 billion. The GCF board accredited Deutsche Bank just weeks later....Official rhetoric notwithstanding, the underlying theme seems to be moving the money.
