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World Bank to stop funding coal-fired power stations


Source: abc.net.au, 17 July 13

The World Bank board says it will no longer fund coal-fired power stations in poor countries, agreeing to a new energy strategy which will limit the financing of coal generation except in rare circumstances.

The World Bank has slowly been moving away from funding fossil fuel projects, but now it is official policy.

However, the bank says it could still fund plants on some occasions, including in places where there are no feasible alternatives to coal.

In its latest climate change report, released last month, the World Bank president Jim Yong Kim said a two degrees Celsius rise in average temperatures would leave millions of people trapped in poverty.

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