The World Bank has been steadily distancing itself from fossil fuel projects, but now it’s become official policy. The World Bank will no longer be funding coal fired-power stations in poor countries, thanks to its agreement for a new energy strategy, limiting the financing of coal generation except in rare circumstances.
We at 1 Million Women think this is incredible news!
Recently, Jim Yong Kim, president of the World Bank wrote an article for the Huffington Post, which highlighted the link between poverty reduction and climate change.
You can hear him speak about the threat of dangerous climate change and how it affects poverty in Africa by watching the clip below.
The World Bank president explains:
“We wanted to make clear that a two degrees Celsius warmer world would be a disaster that we have to avoid,” he said. “The good news is that there are things we can do right now.
“One of the things that we are working on at the bank is sustainable energy for all. We think that we can provide funding and technical expertise so that every country in the world can have the energy they need to grow but grow in a sustainable fashion.”
Proving its commitment to action, the World Bank has taken an enormous step forward by agreeing to the new energy strategy.
Deputy chief executive of The Climate Institute in Australia, Erwin Jackson, explained to ABC online, the bank’s shift in policy reflects a move in culture.
“We’ve seen a remarkable turnaround, and they have realised, because of their impacts that many of the world’s poorest countries will suffer as a result of climate change, they need to actually walk the talk, as they’ve been saying,” he said.
“And they know that it’s not a sustainable position to say that if we allow global temperatures to increase by four degrees, then we’re going to turn back economic development, they can’t at the same time be funding major expansions in the fossil fuel industry.”
The World Bank has also been fundamental in backing carbon markets to invest and fund in green energy projects in these poorer countries.
You can read more about the World Bank’s policy shift here.
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