World Bank Plows $3.4 Billion into Toxic Asset

Thu, 2010-09-16 12:22Ross Gelbspan
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World Bank Plows $3.4 Billion into Toxic Asset

Record sums were invested last year in coal power - the most carbon intensive form of energy on the planet - by the World Bank, despite international commitments to slash the carbon emissions blamed for climate change. The World Bank said this week that a total of US$3.4bn  - or a quarter of all funding for energy projects - was spent in the year to June 2010 helping to build new coal-fired power stations. Over the same period the bank also spent $1bn  on looking and drilling for oil and gas.