Extractive industries review

An independent review the World Bank commissioned wishes the Bank to stop funding all coal and oil mining projects in developing countries, Commissioned by the World Bank's former director of mining, James Bond and headed by Indonesia's former environment minister Emil Salim, the review wants the global institution to flex its finapncial muscle in favour of renewable energy

 
Published: Thursday 15 January 2004

-- Extractive Industries Review commissioned by the World Bank

An independent review the World Bank commissioned wishes the Bank to stop funding all coal and oil mining projects in developing countries, Commissioned by the World Bank's former director of mining, James Bond and headed by Indonesia's former environment minister Emil Salim, the review wants the global institution to flex its finapncial muscle in favour of renewable energy. "While recognising that it is each country's right to set its own energy strategy," the study recommends, "The World Bank Group (wbg) should position itself to help adopt sustainable energy strategies that address the energy needs of the poor and that minimise climate change."

If the institution takes the recommendations seriously, it could spell a complete u-turn in its attitude to mining. Since the early 1980s, the wbg has actively promoted private sector development in extractive industries in developing countries by reforming mining codes, privatising state-owned enterprises, and improving market prices by removing subsidies for extractive resources.

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