The World Bank’s commitment to clean energy will face a big test later this month as the Bank’s International Finance Corporation (IFC) considers financing a large coal-fired power plant project in India. CGD Senior Fellow David Wheeler blogs about the upcoming IFC vote, describing the project, formally named (we’re not making this up) Tata Ultra Mega, as ultimately obsolete, unnecessary, ultra-dangerous for the planet, and mega-dangerous for the environmental reputations of the IFC and the World Bank Group. After all, why would donor countries want to continue supporting the Bank Group if it takes billions for a newly-announced Clean Technology Fund with one hand and invests billions in coal-fired monsters with the other? Wheeler concludes by noting India’s potential for solar thermal energy and its prospects for success.
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