World Bank Turns Away from Coal

The Daily Caller reported that the World Bank plans to limit the amount of funding it gives to coal-fired power plants in developing countries, instead focusing on financing natural gas and hydroelectric power projects. The move is aimed at curbing global warming.

As quoted in the market news:

This announcement comes just weeks after President Barack Obama declared that the U.S. would cut off most funding for coal plants overseas.

The World Bank’s proposal mirrors Obama’s in that the international financing group will “only in rare circumstances” give financial support to coal power projects if they are needed to meet basic “energy needs in countries with no feasible alternatives.”

Though the World Bank has not funded a major coal project since 2010, the true test of its commitment to getting the world off coal will be its upcoming decision on whether to finance a lignite coal-fired power plant in Kosovo.

Click here to read the full report from The Daily Caller.