coal

Coal plants in the G7 are on track to cost the world $450 billion a year by the end of the century and reduce crops by millions of tons as they fuel the gathering pace of climate change.

The UNFCCC report on climate finance says that between $340 and $650 billion in finance for climate action is flowing globally with $40-175 billion going to developing countries each year. This report on climate finance makes one thing abundantly clear: only a small proportion of climate finance is flowing from developed countries to developing countries.

The World Bank’s board today gave the green light for an energy strategy which will limit its financing of coal-fired power plants to “rare circumstances” reflecting the lender’s increased focus on

Oxfam International Executive Director Winnie Byanyima said:

“Oxfam welcomes this high-level push for transparency and accountability in the oil and mining sector.