International Finance Corporation announced new ‘green equity’ policy to encourage financial intermediaries to divest from coal, while Bank pulled plug on mooted Kosovo coal project.
The World Bank and other multilateral development banks continue to push for public-private partnerships for infrastructure projects, despite concerns of debt risks and lack of transparency.
Bank commissions energy options study, which will explore alternate electricity sources.
A report has cast further doubts on the viability and efficiency of the proposed lignite coal power plant in Kosovo which the World Bank is considering supporting.
Despite efforts to boost its influence within climate finance circles and a call to “decarbonise development”, the World Bank continues to support fossil fuels.
The Global Infrastructure Facility is expected to be launched as a World Bank-hosted programme in October. Concerns remain about the Bank’s continued support for fossil fuel infrastructure.
Despite its increasingly strong rhetoric on tackling climate change the World Bank continues to fund contentious coal projects in India and Indonesia, including rejecting the findings of its accountability mechanism.
The World Bank launched a new energy directions paper in July but continues to focus funding on fossil fuels such as natural gas
Drawing on case studies, reports and evaluations, Bruce Rich paints a picture of a Bank still inflicting suffering on vulnerable populations, and calls on Bank president Jim Yong Kim to show real leadership so that the Bank can learn from experience rather than flee from it.
Before joining civil society organisations (CSOs), I worked for Kosovo's state-owned power company for many years. During my time there I learned how the coal industry works and how much it negatively affects every segment of our lives. Already two years ago, Kosovan CSOs warned the World Bank that things would not turn out well for Kosovo should the Bank continue supporting and pushing for coal development projects in the country.
A complaint filed by Kosovo's Independent Energy Union (SPEK) with the Compliance Advisor/Ombudsman, the accountability mechanism of the International Finance Corporation (IFC, the World Bank's private sector arm), about a 2009 advisory project by the IFC for the privatisation of Kosovo's electricity grid has been accepted for a full audit.
Minutes of presentation and discussion on Kosovo's options to develop a sustainable energy future, Washington DC, 20 April 2012.