The World Bank Group has just agreed to stop funding coal projects. This is welcome news as the World Bank Group has funded almost $6 billion in coal projects over the past five years. As a part of a new energy strategy which will cover the Bank’s lending, the Bank agreed that it will only fund coal projects in “rare circumstances” under certain specific conditions. This commitment will help focus the World Bank Group on using scarce resources to combat climate change, spur clean energy deployment, and meet the energy needs of the poorest in the world. With the poorest communities feeling the brunt of the impacts of global warming this is a welcome shift from an institution that has clearly recognized the damages that will come from global warming.
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