Providing universal access to cheap, reliable grid power constitutes the single most powerful boost to economic development and transforming the quality of life of the world’s poor. The World Bank’s stated mission is to alleviate poverty. It aims to do this through the provision of intelligent finance that boosts developing nations’ economic and social development.
Under its president, Dr Jim Yong Kim, appointed by President Obama in 2012, the World Bank abandoned its core development mission. It did this by prioritising environmental sustainability over poverty reduction. In 2013, it adopted anti-coal funding policies, effectively blocking investment in what, for many developing nations, is likely to be the cheapest and most reliable generating capacity. The World Bank’s near categoric refusal to finance coal-fired capacity is worsened by it favouring high-cost, unreliable wind and solar technologies. This amounts to an inhumane and senseless attempt to try to save the planet on the backs of the world’s poor…….
The World Bank’s mission has been subverted by green ideologues who assert that a low-carbon world benefits the world’s poor but fail to acknowledge that making energy much more costly increases poverty. The World Bank tags itself as ‘working for a world free of poverty’. Its prioritisation of renewable investment and its embargo on coal investments demonstrate this is no longer the case. In making its choice between development and sustainability, the World Bank has decided it is going to try and save the planet on the backs of the poor.
excerpts from an article first published 13/10/17 by the Global Warming Policy Foundation
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A new report: The Anti-Development Bank: The World Bank’s Regressive Energy Policies by the London-based Global Warming Policy Foundation (GWPF) finds that the World Bank has abdicated its primary mission of tackling poverty in the developing world.