World Bank spends billions on coal-fired power stations despite own warnings

By Ben Webster, Environment Editor The World Bank is spending billions of pounds subsidising new coal-fired power stations in developing countries despite claiming that burning fossil fuels exposes the poor to catastrophic climate change. The bank, which has a goal of reducing poverty and is funded by Britain and other developed countries, calls on all nations in a report today to “act differently on climate change”. It says that the world must reduce its dependence on fossil fuels, but it is funding several giant coal-burning plants that will each emit millions of tonnes of carbon dioxide a year for the next 40 to 50 years. Britain is contributing £400million to a World Bank fund that claims to support “clean technology” but is financing coal power plants. The bank’s World Development Report says: “Developing countries are disproportionately affected by climate change — a crisis that is not of their making and for which they are the least prepared. Increasing access to energy and other services using high-carbon technologies will produce more greenhouse gases, hence more climate change.” … The report says that unless the world acts now to cut carbon dioxide emissions it faces a 5C (9F) rise in global temperatures by the end of the century. “Such a drastic temperature shift would cause the possible dieback of the Amazon rainforest, complete loss of glaciers in the Andes and Himalayas, and rapid ocean acidification leading to death of coral reefs,” it says. “The speed and magnitude of change could wipe out more than 50 per cent of species. Sea levels could rise by one metre this century, threatening 60 million people. Agricultural productivity would likely decline throughout the world and over three million additional people could die from malnutrition each year.” The 260-page report advises against “locking the world into high-carbon infrastructure” but makes no mention of the bank’s plans to subsidise coal power plants in India, South Africa, Botswana and other developing countries. …

World Bank spends billions on coal-fired power stations despite own warnings via The Oil Drum