WCA’s call on World Bank
(Posted on 24/10/18)
The World Coal Association (WCA) has launched a new report calling on the World Bank Group (WBG) to reform its policy on coal financing. The report “Reducing emissions from coal: A role for the World Bank”, urged the Bank to support coal-dependent countries to develop concrete steps towards a zero emissions pathway.
Coal is forecast to play a significant role in the global energy mix for decades to come. This is particularly true in developing and emerging economies in Asia and Africa. However, with limited financing options available from development banks, countries may choose to build plants with poorer emissions profiles instead of modern plants fitted with low emissions technologies.
In light of this, the WCA is calling on the WBG to adopt a new approach to providing financial support for low emission coal power projects, including supporting strategies for carbon capture, use and storage (CCUS) development.
Launching the report, WCA Interim Chief Executive, Katie Warrick said: “Through its ability to raise capital and support complex projects, the World Bank is well-positioned to drive the pathway to zero emissions coal, thereby enabling countries to combine economic imperatives with climate goals. Only international financial and technological support can accelerate deployment of low emission coal technology, particularly carbon capture, use and storage, which is key to achieving the goals of the Paris Agreement.”
The WBG Board adopted a new energy strategy in 2013 that limits financial support for coal-fuelled power plants to ‘rare and exceptional circumstances’.
“Policies adopted by several development banks, including the World Bank Group, to end financing for coal have not resulted in a shift away from coal. Instead, such policies have led to the construction of less efficient plants with higher emissions profiles. The Bank now has an opportunity to adopt an energy policy that reflects the essential role that low emissions technologies, particularly CCUS, will play in meeting global climate goals,” Ms Warrick added.
Rio Tinto has reached an agreement on a new electricity agreement with Meridian Energy that allows New... Read more
The American Iron and Steel Institute (AISI) has updated six cold-formed steel design standards.AISI... Read more
The National Grain and Feed Association (NGFA) in the USA has announced that Michael J. Seyfert will... Read more
Rio Tinto and the Puutu Kunti Kurrama and Pinikura people (PKKP) confirm they have taken initial steps... Read more
A global economic recovery in 2021 is expected to drive a short-lived rebound in coal demand following... Read more
The National Grain and Feed Association (NGFA) in the USA has commended Congress for including key inland... Read more
Rio Tinto has appointed Jakob Stausholm as chief executive, effective 1 January 2021. Since joining... Read more
RUSAL, a leading global aluminium producer, is pleased to announce that Hyundai Sungwoo Holdings Co,... Read more
Rio Tinto has disclosed to the Australian Securities Exchange (ASX) a maiden Ore Reserve and updated... Read more
BHP has awarded its first LNG supply agreement for five LNG-fuelled Newcastlemax bulk carriers, which... Read more