| inbluevt | Date: Friday, 2013/06/28, 9:32 PM | Message # 1 | DMCA |
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WASHINGTON, Jun 28 2013 (IPS) - The World Bank is set to consider dramatically cutting down its funding for coal-related power projects, according to a draft strategy document
leaked this week.
The bank’s continued focus on coal projects, particularly in poor countries, has been a key frustration for
environmentalists and some development experts, who have warned that such a stance is at odds with the Washington-based multilateral lender’s attempts to strengthen its focus on climate change mitigation and adaptation.
While the new moves would be applauded if passed, many are now expressing concern about the strategy’s apparent increased focus on natural gas and hydroelectric production.
“The [World Bank Group] is committed to maximising synergies between economic development and climate change mitigation. The WBG will cease providing financial support for greenfield coal power generation projects, except in rare circumstances,” the paper, a copy of which was
seen by IPS but which is not available online, states.
“Considerations such as meeting basic energy needs in countries with no feasible alternatives to coal and a lack of financing for coal power would define such rare cases. Even in such cases, only a minimum level of WBG support would be deployed, with recourse to private-sector
financing to the extent possible.
”The document, subtitled “Directions for the World Bank Group’s Energy Sector”, is slated to be discussed by the bank’s board on Jul. 19, according to a spokesperson, after which the strategy will be publicly released.
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Message edited by inbluevt - Friday, 2013/06/28, 9:35 PM |
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