Environmentalists slam World Bank’s clean energy ‘failure’

The Washington-based World Bank, which provides finance to states for poverty alleviation and development purposes, has been tapped by the G8 as a key player in funding renewable energy sources. But FoE laid into the institution for failing to meet its already existing targets for increasing financial support for such projects.

Despite a commitment to boost funding by 20 percent annually over the next five years, the World Bank increased funding by seven percent, or 14 million dollars (11.7 million euros) in the fiscal year 2005, FoE found.

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