UK Urged to Press World Bank to Rethink Coal Investments

U.K. Secretary of State for International Development Andrew Mitchell should use his position on the World Bank’s board to urge the Washington-based lender to abandon investments in carbon-intensive energy projects, U.K.-based charity Christian Aid says.

World Bank financing for coal plants, which emit massive amounts of carbon, has increased 40-fold in the last five years, reaching a record USD4.4 billion last year, the nonprofit notes.

“Mr Mitchell must use his position to urge a fundamental rethink of World Bank energy policies. Unless it changes, it is completely unsuited to act as a conduit for climate change funds,” Christian Aid senior climate policy adviser Alison Doig said on Jan. 17.

The U.K. has a 3.75 percent voting share at the bank.

About the author

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    Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.