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

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.

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.

“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.

Source: World Wildlife Fund