This is a familiar pattern. International financial institutions socialise risk and privatise profit, while invoking development rhetoric to justify fossil fuel expansion in the Global South. Similar projects would be politically untenable in the Global North

The public confrontation between senior officials, the establishment of inquiries and the intense public debate surrounding the allegations all indicate that accountability mechanisms, although imperfect, are still functioning

Public budgets are unlikely to expand at the pace required to meet the escalating risks. A larger share of long-term capital will therefore need to come from private sources