… and limits its lending for coal-fired power plants
The World Bank Group has reviewed and amended its policies on lending for coal-fired power projects and will “only in rare circumstances” provide financial support for new greenfield coal power generation projects, such as “meeting basic energy needs in countries with no feasible alternatives,”
Under World Bank President Jim Yong Kim – the first scientist to head the poverty-fighting institution – the bank has launched a more aggressive stance to spur action on climate change. Kim has said it is impossible to tackle poverty without dealing with the effects of a warmer world.
In addition to its focus areas, the World Bank Group is to “intensify global advocacy.” This includes encouraging developed countries and large emerging economies to lead efforts on pricing carbon, moving new technologies and other innovations to markets, and deploying them at scale.
“It is important for the World Bank to finance more renewable energy projects,” says Celinda Palm, Sustainable Development Advisor. “Tricorona has been working with international private sector financing for renewables under the Kyoto Protocol for years and our projects prove that it is wrong to believe there is a need to compromise between poverty alleviation and climate change mitigation.”