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World Bank will no longer fund coal power

World Bank Shuns Funding Coal Fired Power, Renewable Energy news, 18 July 13   by Energy Matters The World Bank has affirmed it will only  provide financial support for new greenfield coal based power generation in rare circumstances. Those circumstances will be where there are no feasible alternatives to meeting basic energy needs.

In a new Energy Sector Directions Paper (PDF), the body has stated it will make every effort to “minimize the financial and environmental costs of expanding reliable energy supply”.

It will continue to finance all forms of renewable energy and will support more expensive clean energy options where there is strong client ownership, or if concessional climate finance can be sourced.

Commenting on the Paper, World Bank Group President Jim Yong Kim says affordable energy is needed to help end poverty and to build shared prosperity. “We will also scale up efforts to improve energy efficiency and increase renewable energy—according to countries’ needs and opportunities.”

The World Bank recognises the rapidly declining costs of wind and solar power are making these technologies competitive with fossil fuel based power generation in some settings. …. http://www.energymatters.com.au/index.php?main_page=news_article&article_id=3846

July 18, 2013 - Posted by Christina Macpherson | 2 WORLD, ENERGY