December 2, 2008
Tuesday
     

World Bank Accused of Undermining Climate Funds by Backing Coal

Date: 10-10-2008
Type: activism
Categories: Finance / Socially Responsible Investing
Source: BusinessGreen

Environmental groups have this week launched a blistering attack on the World Bank's efforts to tackle climate change, ahead of its annual meeting this weekend.

Earlier this year the Bank stepped up its efforts to address climate change, unveiling two climate investment funds in July, with 10 industrialised nations pledging $6.1bn (£3.5bn) in aid to help developing nations adapt to rising global temperatures and accelerate the adoption of low carbon technologies.

But environmental groups have argued that despite the new funds the bank is continuing to back fossil fuel-intensive projects, such as the planned Tata Mundra coal plant in India, Peru's Camisea gas project, and infrastructure projects that will trigger significant deforestation in the Amazon.

Read more about the World Bank backing coal here. 

Organization:
BusinessGreen
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