World Bank coal funding hits record high as it seeks climate finance control
World Bank funding for coal power statio
ns has soared 40-fold over the last five years to hit a record high of $4.4 billion in 2010, new figures reveal.
Bank lending to coal-fuelled power projects significantly exceeds its financing of new renewable energy and energy efficiency projects, which stood at $3,128 billion in 2009 (the latest figure available).
‘This new analysis reveals incoherence at the heart of the World Bank’s thinking about energy,’ said Dr Alison Doig, Christian Aid’s Senior Adviser on Climate Change. ‘At the same time as it is seeking to gain control of the billions which will be channelled to developing countries to help them cope with global warming, the Bank is still lending staggeringly large and growing sums to finance coal-fired power.
‘Yet we know that coal is the dirtiest of all the fossil fuels – the one which most exacerbates the climate crisis which is having devastating effects on the lives of people living in poverty. We also know that by financing the building of coal power stations, the Bank is locking countries in to coal use for the next 40 to 50 years.’
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