WWF: International public finance institutions should follow World Bank example to limit funding for coal power plants
Gland, Switzerland – The World Bank’s decision, announced yesterday, to limit funding to coal power plants to “only rare circumstances” is a welcome step towards a sustainable energy future, and other finance institutions should immediately follow suit, says WWF.
International public finance institutions, such as the World Bank, the Asia Development Bank, the European Bank for Reconstruction and Development or the African Development Bank, have an opportunity to shape the world’s shift to sustainable energy sources.
“Coal is the dirtiest of fossil fuel power sources – polluting local environments, and contributing heavily to global warming. The move by the World Bank to limit new coal financing is welcome, and this should immediately become the norm for all international finance institutions,” said Samantha Smith, leader of the WWF’s Global Climate & Energy Initiative.
“But to have a serious chance of tackling climate change, the world needs to move away from fossil fuels completely. While helping developing countries expand energy access and transition to low-carbon economic growth, the World Bank should phase out its support for all power supply based on fossil fuels, consistent with the Bank’s ambition of encouraging action on climate change,” says Smith.
WWF’s new global campaign, Seize Your Power, calls on financial institutions to significantly increase their funding of renewable energy and cut funding to fossil fuels because we recognise that the level of CO2 emissions in the world requires drastic action to limit global warming.
-ends–
Notes to editors:
1. Seize Your Power campaign announcement
2. Seize Your Power campaign pledge
3. World Bank statement on its new direction for the energy sector
4. World Bank Energy Sector Directions Paper
For more information please contact
Mandy Jean Woods [email protected] / +27 82 553 4211 (please send SMS if urgent) @MandyJeanWoods
Samantha Smith [email protected] / @pandaclimate
About WWF
WWF is one of the world’s largest and most respected independent conservation organisations, with over 5 million supporters and a global network active in over 100 countries. WWF’s mission is to stop the degradation of the earth’s natural environment and to build a future in which humans live in harmony with nature, by conserving the world’s biological diversity, ensuring that the use of renewable natural resources is sustainable, and promoting the reduction of pollution and wasteful consumption.
The Global Climate & Energy Initiative (GCEI) is WWF’s global programme addressing climate change, promoting renewable and sustainable energy, scaling up green finance, engaging the private sector and working nationally and internationally on implementing low carbon, climate resilient development.
See www.panda.org/news for latest news and media resources and Seize Your Power! Campaign news
Read The Energy Report at www.panda.org/energyreport
Seize Your Power! Read and sign the global renewable energy campaign pledge here: www.panda.org/seizeyourpower