Review recommends renewables
A review of the World Bank Group’s involvement in extractive industries has recommended an annual increase of 20 per cent investment in renewable energy in developing countries. portfolio, increasing annually at 20 per cent (up from 6 per cent of investment) to achieve a better balance with support for fossil fuel projects; n internalising the cost of greenhouse gas emissions into all WBG economic decision-making; n assisting governments to adopt sustainable energy strategies that address the energy needs of the poor and minimise externalities such as climate change; and n initiatives for technology transfer related to climate change and further research into appropriate technology. One recommendation that was highly contentious at the workshop was to cease WBG investment in oil projects by 2008. The Review also recommended continuing the current cessation of investment in coal projects. Stop all fossil fuels?