World Bank indirectly funding Asia 'coal boom': advocacy group
Washington
THE World Bank is indirectly financing a boom in some of Asia's dirtiest coal-fired power generation despite commitments to end most funding for the sector, a development advocacy group charged on Monday.
The power plants, which contribute to climate change and deforestation as well as premature deaths due to illness, are cropping up from Bangladesh to the Philippines, all with financing provided by financial intermediaries supported by the bank, said a report produced by the organisation Inclusive Development International (IDI).
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
US, Philippines eye agreement to cut China nickel dominance
Oil eases on higher US crude output, hopes of Israel-Hamas ceasefire
Glencore now sees FY trading division profit between US$3 billion-US$3.5 billion
Hong Kong team plants seeds to safeguard legacy grains
Gold holds steady as investors focus on US Fed meeting
Chevron CEO expects ExxonMobil arbitration resolved in coming months