18 Jul '13, 3pm

World Bank joins war on coal

World Bank joins war on coal

There’s a new ally in the fight against the dirtiest of fossil fuels. The World Bank’s board of directors approved a strategy shift this week that will move the lending body formally away from its longstanding support of coal-fired power plants in favor of cleaner and smarter alternatives. Following the adoption Tuesday of its Energy Sector Directions Paper [PDF], the World Bank will “provide financial support for greenfield coal power generation projects only in rare circumstances,” such as where there are “no feasible alternatives to coal.” The bank isn’t morphing from sinner to saint. It will still support new fossil-fuel projects, including those powered by natural gas, along with hydropower projects that wreck rivers and displace communities. But its shift away from coal could be significant, particularly as an example for other international financing groups. In the ...

Full article: http://grist.org/news/world-bank-joins-war-on-coal/

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