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.
If you talk to women in trading and risk management roles across Cargill, you will hear a range of ideas... Read more
Archer Daniels Midland Company and Cargill have successfully completed their transaction, formally launching... Read more
BHP has announced a US$6m equity investment in Carbon Engineering Ltd (CE), a Canadian-based company... Read more
RUSAL, a leading global aluminium producer, announces its results for the year ended 31 December 2018... Read more
EUBALTICA, the advisory and consultancy company for Morska Agencja Gdynia (MAG) in Poland has supplied... Read more
Bühler Insect Technology Solutions, a pioneering provider of integrated solutions for insect rearing... Read more
Rio Tinto has discovered copper-gold mineralisation at the Winu project in the Yeneena Basin of the... Read more
The NGFA joined 59 other farm and agribusiness groups in signing a letter urging the US Congress... Read more
While Greek livestock and feed markets are developing slowly, specific segments, notably poultry and... Read more
The Mineral Products Association has welcomed the publication of the latest UK Extractive Industries... Read more