Sri Lanka's 'Green New Deal' Brings Poverty, Starvation, and Chaos

Tech tycoons Chamath Palihapitiya and David Sacks discussed how "Green New Deal" policies promoted by the World Bank, IMF, and Davos destroyed Sri Lanka on the latest episode of the "All In" podcast.

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On the latest episode of the All In podcast released last Thursday, tech billionaire and CEO of Social Capital, Chamath Palihapitiya, who is a Sri Lankan-born Canadian and American citizen, discussed the collapse of Sri Lanka with PayPal Mafia member and co-host, David Sacks.

Palihapitiya told Sacks, “Somewhere along the way the leadership of Sri Lanka decided that they were woke and so they enforced every farmer to go organic.”

“The problem with going organic and organic fertilizer was all the small farms shut down, all of the large farms had 20 to 30 percent crop yield reductions, and the prices of food went crazy.”

“What they found as they tried to go woke,” he said, “they went broke.”

Sri Lanka, a small island nation in South East Asia, has completely collapsed after its president’s “green” policies have bankrupted the nation that is no longer able to pay for food, fuel, or medicine.

In 2019, President Gotabaya Rajapaksa pledged to ban the importation of chemical fertilizers on the campaign trail.

"I am honored that my Presidential campaign has been recognized as world’s first carbon neutral election campaign," Mr. Rajapaksa tweeted on July 20, 2020, "certified by @UN Framework Convention on Climate Change."

On April 27, 2021, Mr. Rajapaksa followed through on his campaign promise to ban chemical fertilizers and pesticides when he ordered the country’s 2 million farmers to go organic, prompting a surge in food prices, and leading the debt-laden nation towards catastrophe.


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What happened after Sri Lanka banned chemical fertilizers?

Wall Street Journal:

Rice production fell by 20% in the first 180 days of the ban on synthetic fertilizer. Tea, Sri Lanka’s main cash crop, has been hit hard, with exports at their lowest level in nearly a quarter-century. Farmers left a third of all farmland fallow. Food prices soared as a result of scarcity and Sri Lanka’s people, their pockets already hit by the pandemic, began to go hungry.

Sacks, who was the founding COO of PayPal before founding Yammer and Craft Ventures, compared the populist uprising in the Netherlands to what is happening in Sri Lanka.

“Basically, they’re implementing the same policies,” he said. “Sri Lanka is just further down the road and a poorer country to begin with.”

Sacks pointed to the fact that the Sri Lankan government adopted these policies because they took massive loans from the World Bank, the IMF, and other international banks, under the condition of implementing ESG requirements.

Sacks continued, “Sri Lanka has something like a 98 ESG rating even as their economy and society is collapsing. How is that possible? Well, they're doing a great job following the prescriptions of the global elites of Davos.”

“I mean this sort of global elite flies into Davos from Brussels and Washington on their private planes, they have panels on ESG, and then they prescribe these policies for countries like Sri Lanka, and this is the result.”

Sacks explained that Sri Lanka proves the “Davos elites” are wrong about there being “no trade-off” between their “environmentalist policies” and “creating a healthy growing economy”.

“There are real trade-offs here,” he concluded. “And, the crazy thing is that the elites expect poor people in Sri Lanka to make up for their environmental emissions.”

Sri Lanka is the tip of the iceberg of how “Green New Deal” policies promoted by the World Bank, IMF, and Davos will lead to poverty, starvation, and chaos worldwide.

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