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By: Bank Information Center/Bretton Woods Project/Campagna per la Riforma della Banca Mondiale/CEE Bankwatch Network/Friends of the Earth-International/Institute for Policy Studies/International Rivers Network/Oil Change International/Urgewald
Date: Friday, September 1, 2006
As the World Bank unveiled its new Investment Framework on Clean Energy and Development at its annual meeting in Singapore in September 2006, a coalition of environment and development organizations charge that the strategy will not be effective at combating climate change and expanding energy access for the poor.
The World Bank proposed raising $10 billion for conventional energy technologies such as fossil fuels, while selling renewable sources of energy short. The strategy will do little to slow global climate change or bring energy services to the 1.6 billion people that currently lack them.