The World Bank’s Climate Hypocrisy
Last month, the World Bank put out a devastating new reporton why 4 degrees Celsius of global warming “simply must not be allowed to occur.” This month, the Bank is considering whether to provide financing for a new coal-fired power plant in Mongolia.
The World Bank Group’s private funding arm, International Finance Corporation, is considering support for the Oyu Tolgoi copper and gold mine project in the South Gobi Desert, a project that also includes a 750 megawatt coal plant. Mining giant Rio Tinto is behind the venture, which is expected to cost $13.2 billion. The power plant would be used to run the mining and processing operations at what has been billed as the “world’s biggest new source of copper.” As NPR has reported, mining is booming in Mongolia. This plant would only intensify that trend.
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