The World Bank not only ruled that it would not fund coal-fired power to developing nations, but also not fund energy projects in any nation that uses other funds to finance coal power. Coal is a cheap form of energy that in the past has helped countries progress from third-world nations into participating and contributing members of the world economy.
The article reports:
The bank’s sweeping “Directions for the World Bank Group’s Energy Sector” emphasizes bringing energy access to the estimated 1.2 billion people living without electricity and 2.8 billion without modern cooking facilities. It promises financial solutions for the most feasible energy options in poor, fragile and conflict-ridden states. It embraces renewable energy, energy efficiency and off-grid technology while also vowing to increase assistance for natural gas and large hydropower development.
The World Bank has just decided that it doesn’t want any more countries to develop. This ruling is not practical for countries that need cheap energy now.