Posts in Coal
- Today, over 30 groups from around the world, including Oil Change International, sent an open letter to Japanese Prime Minister Shinzo Abe ahead of his meeting with U.S. President Barack Obama on April 24th urging Japan to follow the United States and other countries' pledges to stop financing coal overseas.
- New analysis released today by Oil Change International finds that World Bank Group finance for projects that included exploration for new fossil fuel resources reached a new high in FY2013, at nearly $1 billion out of the $2.7 billion spent in total for fossil fuel projects.
- World Bank Group finance for projects that included fossil fuel exploration was highest in FY2013, at nearly $1 billion out of $2.7 billion total for fossil fuel projects in 2013.
- World Bank Group finance for fossil fuel exploration projects from FY2008 to 2013 was highest in 2013, at nearly $1 billion out of $2.7 billion total for fossil fuel projects.
- Two important actions were added to the growing list of recent global steps curbing public finance for coal. First, the European Bank for Reconstruction and Development (EBRD) joined the World Bank and European Investment Bank (EIB) in adopting a new Energy Strategy that significantly restricts support for coal power projects. As the second climate feat of the week, the U.S. government voted no on the Board of the Asian Development Bank (ADB) for a proposed coal power plant in Pakistan. However, even though the U.S. and several other countries voted no or abstained from supporting the Pakistan coal plant, the ADB board still had a simple majority, and therefore approved $900 million in funding for the 600 MW Jamshoro coal plant.
- At a Coal Summit in Warsaw today, the coal industry was told it had to leave most of the existing coal reserves in the ground
- Irony: On the one hand you have the Polish government hosting the UN climate talks in Warsaw, where the talk is all about the emerging climate crisis being driven by fossil fuels. On the other hand, the Polish government is pressing ahead with building a $3.7 billion dirty coal plant which may never be profitable.
- Slowly but surely the concept of “stranded assets” is taking hold and dirty coal looks likely to take the first big hit from a huge Norwegian pension fund.
- In spite of a heightened institutional focus on combating climate change, the World Bank increased its lending for fossil fuels over the last year. Meanwhile, the World Bank also has a ways to go in terms of tackling its objective of supporting universal access to energy, as only 8 percent of the Bank’s energy portfolio last year targeted the world’s poorest.
- The World Bank Group (WBG) increased financing for both fossil fuels and large hydropower significantly this past year, while financing for clean energy dropped. Overall, only 8 percent of the Bank’s energy financing last year was aimed specifically at the poor.
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