Creeps like the Koch Bros. should be required to live downwind
In a closed meeting on Tuesday evening, the World Bank put before its executive directors a proposal to stop funding the development of new coal plants globally. Despite provisions that would grant exceptions to allow funding for a few rare coal plants, this proposal is a big step forward for an agency that has supported some of the world’s largest and dirtiest coal plants for years. It is also a key opportunity for World Bank President Dr Jim Yong Kim to lead the World Bank into a clean energy future.
Kim is already poised to be a leader in the fight to address climate disruption. Shortly after joining the World Bank as president one year ago this month, he commissioned a report that detailed the catastrophic effects the world would see if global temperatures rose by just four degrees Celsius. Since then, Kim has repeatedly called on countries around the world to take action now in order to avert such a crisis in the future.
Unfortunately, the World Bank’s actions haven’t lived up to Kim’s rhetoric. In the past five years alone, the bank has financed more than $5bn in carbon-intensive coal plants. Currently, it is considering financing a new coal power plant in Kosovo that would burn lignite coal – the dirtiest and most toxic form of coal available. This plant would be built in a country where, according to the World Bank’s own statistics, coal already kills 835 people every year.
…The tide at the World Bank may be turning. In his “climate action” speech last month, President Obama called for an end to public financing of dirty coal plants abroad. On the heels of that announcement, the World Bank released a draft energy strategy that would ban funding for new coal generation, with some rare exceptions. Although we would prefer to see the door closed on coal for good by eliminating even those loopholes, the bank’s new energy plan still marks real progress under Kim’s leadership.
Ending the financing of coal plants globally would also free up scarce public funds for investment in decentralized clean energy projects. According to the International Energy Agency (IEA), the only way the 1.3 billion people who still do not have access to electricity will be able to get it is through this type of off-grid, decentralized clean energy. Indeed, the IEA argues that to achieve universal electrification, the 70% of rural areas currently without power must be serviced with off-grid renewable energy…
Jim Yong Kim showed he was up to the test, but we’ll be watching closely to make sure this policy is backed up by real action.
Keep on rocking in the Free World!
Even if you get to wear thousand-dollar-suits and arrive at meetings in a Mercedes S-class chariot, confronting the fossil fuel flunkies ain’t ever anything more than a polite version of mud wrestling. And they control both the dirt and the gold.