World Bank accused of funding coal projects in Asia

World Bank accused of funding coal projects in Asia

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The Inclusive Development International (IDI), a rights advocacy group has accused the World Bank of indirectly financing the coal-fired power in Asia despite committing to cut finding towards the sector. The Coal power plants have constantly been the reason behind air pollution and also contributes towards deforestation.

Such power plants are spreading from Bangladesh to the Philippines with funding that was provided by the financial intermediaries supported by the World Bank. The bank had assured in 2013 that it would end all the support for the creation of the coal-burning power plants and that would support them under rare circumstances where there are no alternatives.
Jim Yong Kim, the World Bank President earlier this year had warned against the dangers of the new coal power projects saying that if Asia executes the coal based plans at present they will be surely finished.
The report from IDI said that 41 coal projects have received funds from banks and investment funds that was supported by the private sector arm of the World Bank. Since 2013, the International Finance Corporation financed banks have supported at least 20 new coal projects. This includes the proposed 540 megawatt Lanao Kauswagan power station and is expected to begin operations in 2017.

Photo Credits; Today