U.S. Subsidizes Dirty Coal through World Bank's "Clean Technology Fund" Mother Jones

[amborin]

"The World Bank is spending billions of dollars to help construct coal-fired power plants in the developing world, using a fund that is supposed to help wean the world from carbon-spewing fossil fuels, the Times of London reported today.

The United States donated $2 billion over three years to a fund that would "begin the important work of reducing greenhouse gas emissions in the developing world," US Treasury official David McCormick said in a press release last September. "The United States is firmly committed to the Clean Technology Fund and its mission to help developing countries make transformational investments in clean technology that will be necessary to move them onto cleaner development paths."

/snip

<http://www.motherjones.com/blue-marble/2009/09/us-spends-billions-coal-plants-through-world-bank-clean-technology-fund>

[rollingrock]

1. More corruption at the World Bank?

using a clean energy fund to finance coal plants?

Nobel laureate Joseph Stiglitz was right when he called the World Bank one of the most corrupt financial institutions in the world.