The World Bank is planning to limit financing provided to coal-fired power plants to “rare circumstances,” according to Reuters. The move was included in a 39-page strategy document released a day after President Barack Obama said the U.S. would stop investing in coal projects overseas.
According to Reuters, the World Bank’s decision is part of the global financial body’s efforts to address climate change, and the World Bank Group will “help clients identify alternatives to coal power as they make transitions to sustainable energy.”
The plan allows the bank to provide financial support for coal-fired power generation projects in circumstances where there is no other feasible options that would meet basic energy needs and other sources of financing are absent, the report states.
The paper has been submitted to board members for their review in preparation for a discussion on July 19 and could be revised before then, according to Reuters.
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