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World Bank to Dramatically Limit Financing of Coal Plants
2013-07-17 07:29:00| Climate Ark Climate Change & Global Warming Newsfeed
Reuters: The World Bank's board on Tuesday agreed to a new energy strategy that will limit financing of coal-fired power plants to "rare circumstances," as the Washington-based global development powerhouse seeks to address the impact of climate change. The Bank will amend its lending policies for new coal-fired power projects, restricting financial support to countries that have "no feasible alternatives" to coal, as it seeks to balance environmental efforts with the energy needs of poor countries. The...
The World Bank is bringing back big, bad dams
2013-07-16 12:30:00| Climate Ark Climate Change & Global Warming Newsfeed
Guardian: The big, bad dams of past decades are back in style. In the 1950s and '60s, huge hydropower projects such as the Kariba, Akosombo and Inga dams were supposed to modernise poor African countries almost overnight. It didn't work out this way. As the independent World Commission on Dams found, such big, complex schemes cost far more but produce less energy than expected. Their primary beneficiaries are mining companies and aluminium smelters, while Africa's poor have been left high and dry. The...
World Bank to 'cease providing' funding for new coal projects
2013-06-29 16:00:00| Climate Ark Climate Change & Global Warming Newsfeed
Inter Press Service: 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...
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U.S. and World Bank might stop financing dirty coal plants
2013-06-28 21:14:00| Climate Ark Climate Change & Global Warming Newsfeed
Grist: The World Bank says it cares about climate change, so why is it providing loans to help developing countries build coal power plants? Same goes for America`s support for coal plants abroad. In recognition of this glaring climate policy disconnect, both the World Bank and the Obama administration appear to be finally backing away from financial support of such dirty energy enterprises. From Bloomberg: The World Bank plans to restrict its financing of coal-fired power plants to rare circumstances,...
World Bank Closes the Door on Coal Financing
2013-06-28 17:19:00| Climate Ark Climate Change & Global Warming Newsfeed
TckTckTck: From the leaked World Bank report: [The World Bank] will cease providing financial support for greenfield [new] coal power generation projects, except in rare circumstances where there are no feasible alternatives available to meet basic energy needs and other sources of financing are absent. As a powerful funder of global energy projects--the Bank spent $8.2 billion on energy projects in the 2012 fiscal year--this decision is pivotal for shifting global investments away from coal, one of the...
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