World Bank’s funding of ‘hog hotel’ factory farms under fire over climate effect

illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:

🗞️ Driving the news: The International Finance Corporation (IFC), part of the World Bank Group, is under scrutiny for financing industrial livestock operations, including pig farming tower blocks in China, with more than $1.6 billion invested in such projects between 2017 and 2023

🔭 The context: Critics, including environmental and animal welfare groups, argue this funding contradicts the World Bank's commitments to addressing the climate crisis and promoting sustainable development
• The financing includes a $47.3 million loan to a Chinese company for constructing multistorey pig-rearing complexes, known as “hog hotels.”

🌍 Why it matters for the planet: The expansion of industrial livestock production is criticized for its detrimental impacts on climate, sustainability, and food security
• Such practices not only require significant resources but also contribute to increased meat consumption and greenhouse gas emissions, posing a threat to the planet's health

⏭️ What's next: A coalition of environmental and animal welfare organizations plans to address a letter to the World Bank's president at the bank's spring meeting, urging the phase-out of financing for industrial farming due to its contribution to climate change and biodiversity loss

💬 One quote: “Expanding industrial livestock production is a threat to climate, sustainable development and food security,” said Kelly McNamara, senior research and policy analyst at Friends of the Earth US.

📈 One stat: Over $1.6 billion was provided for industrial farming projects by the IFC between 2017 and 2023.

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