Magazine article New Internationalist

The Non-Renewable World Bank [Response to Extractive Industries Review]

Magazine article New Internationalist

The Non-Renewable World Bank [Response to Extractive Industries Review]

Article excerpt

Environmentalists and development advocates are sceptical that the World Bank's recent announcement of support for renewable energy is anything but spin. The targets were announced as the first public Bank response to its Extractive Industries Review (EIR), which was initiated in 2000 by Bank President James Wolfensohn. The EIR was formed to evaluate whether or not Bank support for Big Oil and King Coal contributes to the Bank's mission of poverty alleviation. The answer, after two years of consultation and study, was that they do not. The EIR recommended phase-outs of Bank support for coal and oil, and a phase-in of renewables by increasing lending by 20 per cent of the total energy lending portfolio each year.

'They're not even close to the EIR recommendation. …

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