WWF: World Bank’s decision to limit funding for coal power plants is an example to follow

Posted on 18 July 2013  | 
Gland, Switzerland: The World Bank’s decision 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.

“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.

International public finance institutions, such as the World Bank, the Asia Development Bank, the European Bank for Reconstruction and Development and the African Development Bank, have an opportunity to shape the world’s shift to sustainable energy sources.

“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,” 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 in order to limit global warming caused by the level of CO2 emissions in the world. 

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 mwoods@wwf.org.za / +27 82 553 4211 (please send SMS if urgent) @MandyJeanWoods
Samantha Smith ssmith@wwf.no / @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
WWF points out that the over-exploitation of fossil fuels - such as coal, gas and oil - is putting the whole of humanity under threat from climate change.
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