World Bank trust fund ESMAP will provide support for domestic market, while IFC will support private sector investment in CCUS.
UN official and civil society criticise World Bank and other MDBs for lack of ambition at COP26.
Civil society voices concern about continued support for fossil gas under the policy.
Alex Mould says guarantee included commitment to sign four ‘take or pay’ contracts with independent power producers.
Plan lacks detail in key areas, including concrete commitments to end fossil fuels support.
Bank’s lofty projections for oil-based growth contradict more sober estimates that account for uncertainty in sector.
Argentina’s strategy to increase fossil fuel exports to ease debt burden ignores need for increased state investments and climate commitments.
Ghana left with $250 million bill for unused gas in 2019 primarily due to ‘take or pay’ clause in Bank-supported PPP contract.
Bank commissions energy options study, which will explore alternate electricity sources.
Significant concerns also remain about environmental and social impacts of mega-infrastructure project partially financed by World Bank.