Surprise! World Bank Will Go On Funding Oil & Coal Projects

"The World Bank's governing board yesterday rejected the recommendations of an independent adviser that the bank stop financing new coal-mining ventures and end support for oil projects by 2008, and instead use those resources to encourage poor countries to develop renewable energy sources.

The board broadly agreed that the bank should continue investing in extractive industries, like oil, to give developing nations their best chance to reduce poverty. But the board did agree to increase substantially its investment in renewable energy and to strengthen policies to guard against the theft of revenues by corrupt elites.

The review of investment strategy in the oil, gas and mining sectors grew out of a fierce debate over whether the development of those industries could consistently help countries alleviate chronic poverty, or would instead fuel a devastating cycle of corruption and conflict.

EDIT

The bank rejected Mr. Salim's proposals that it get out of the oil and coal industries, and it stopped short of fully embracing his ideas on how to combat corruption and protect indigenous peoples. But in their meeting yesterday, bank managers said they had committed themselves to achieve the same objectives."

EDIT/END

http://www.nytimes.com/2004/08/04/business/worldbusiness/04worl.html

Well, there's a shocker.