http://www.ipsnews.net/news.asp?idnews=42687

The World Bank is coming under fire by green groups who says the World Bank should not control climate investment funds. Of particular concern to green groups is the ten-billion-dollar clean technology initiative that will create clean coal power plants instead of renewable energy from wind, sun, or tides from below the earth surface.

Proponents of the upgraded coal-burning technology say it qualifies as a "clean technology" because it produces sufficiently lower levels of climate-distorting pollutants than do conventional coal-fired power plants. Opponents disagree, adding that the new technology does nothing to minimize the environmental damage wrought by coal mining in the first place.

The World Bank has not compiled a record that most environmentalists approve of in its general operation," said Barney Frank, the Democrat who chairs the House of Representatives financial services committee. "It's like they do their environmental work one day a month and then they undo it."

The Bush administration is urging Congress to release up to two billion dollars for the next three years for the technology fund and wants the U.S. to take a leading role. G8 finance ministers will meet June 13 and 14 in Osaka, Japan to discuss the funds.

IPS: Abid Aslam; June 6, 2008

Submitted by: M. Lamarre