Power to the people: fossil fuels are a tempting cash cow, but they won't work for the developing world.(World Bank's energy policy) Latin Trade | May 1, 2005 | COPYRIGHT 2005 Freedom Magazines, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright

When the World Bank commissioned a review of its policy of underwriting fossil fuel projects, the advice of the three-year study was unambiguous--stop funding oil, natural gas, coal and other mining projects by 2008 and redirect investments to renewable energy.

Yet the largest financier of antipoverty programs for the developing world continues to ignore its own 2003 report. A more recent study by the Institute for Policy Studies (IPS), a Washington think tank, charged that the bank's energy programs "have utterly failed" to curb climate change and alleviate poverty. ...

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