{"id":37426,"date":"2014-08-06T14:28:54","date_gmt":"2014-08-06T14:28:54","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=37426"},"modified":"2014-08-06T14:28:54","modified_gmt":"2014-08-06T14:28:54","slug":"world-bank-may-support-african-coal-power","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/08\/world-bank-may-support-african-coal-power\/","title":{"rendered":"World Bank may support African coal power"},"content":{"rendered":"<p>World Bank President, Jim Yong Kim indicated that African \u201cdemand for access to power\u201d may lead the lender to support coal projects on the world\u2019s poorest continent.<\/p>\n<p>\u201cWe are very sensitive to the idea that\u00a0<a href=\"http:\/\/topics.bloomberg.com\/africa\/\">Africa<\/a>\u00a0deserves to have power,\u201d Kim said, referring to the possibility of supporting coal projects. \u201cThere\u2019s never been a country that has developed with intermittent power.\u201d<\/p>\n<p>Africa is experiencing an \u201calmost energy apartheid,\u201d where two-thirds of the population lacks access to power, Kim said in a Bloomberg Television interview on the sidelines of the U.S.-Africa Business Forum in\u00a0<a href=\"http:\/\/topics.bloomberg.com\/washington\/\">Washington<\/a>.<\/p>\n<p>World Bank funds will be invested in clean energy as much as possible, with a focus on hydroelectric, solar, geothermal and wind. It will \u201ctry to avoid\u201d investing in coal, Kim said, \u201cbut at the same time, we\u2019ve got to respect the Africans\u2019 demand for access to power.\u201d<\/p>\n<p>The Washington-based lender said today it\u2019s committing $5 billion to boost electricity generation in<a href=\"http:\/\/topics.bloomberg.com\/ethiopia\/\">Ethiopia<\/a>,\u00a0<a href=\"http:\/\/topics.bloomberg.com\/ghana\/\">Ghana<\/a>,\u00a0<a href=\"http:\/\/topics.bloomberg.com\/kenya\/\">Kenya<\/a>, Liberia, Nigeria, and Tanzania.<\/p>\n<p>Last year, the World Bank said it would stop financing coal projects except in rare cases \u201cwhere there are no feasible alternatives available to meet basic energy needs and other sources of financing are absent.\u201d<\/p>\n<p><strong>Exiting Poverty<\/strong><\/p>\n<p>The proposition would force the lender and its biggest shareholder, the U.S., to make an exception in their clean-energy commitments and concede that burning coal can be the fastest route out of poverty.<\/p>\n<p>The International Monetary Fund said July 24 it estimates sub-Saharan Africa\u2019s economies will grow 5.4 percent this year and 5.8 percent in 2015, compared with 1.7 percent and 3 percent in the U.S. for the same two years respectively.<\/p>\n<p>Energy shortages are a major obstacle to more robust growth, with about 70 percent of the population lacking electricity, according to the International Energy Agency.<\/p>\n<p>U.S. President\u00a0<a href=\"http:\/\/topics.bloomberg.com\/barack-obama\/\">Barack Obama<\/a>\u2019s administration has proposed a Power Africa program, which still requires action by Congress, a five-year $7 billion plan to double access to power in Ethiopia, Ghana, Kenya, Liberia, Nigeria and Tanzania.<\/p>\n<p>&nbsp;<\/p>\n<p>Source: Bloomberg.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>World Bank President, Jim Yong Kim indicated that African \u201cdemand for access to power\u201d may lead the lender to support coal projects on the world\u2019s poorest continent. \u201cWe are very sensitive to the idea that\u00a0Africa\u00a0deserves to have power,\u201d Kim said, referring to the possibility of supporting coal projects. \u201cThere\u2019s never been a country that has [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":37428,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[22,4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>World Bank may support African coal power  - Citi 97.3 FM - Relevant Radio. 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