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U.S. Congress Cuts Funds for World Bank's So-Called Clean Technology Fund
The U.S. Congress today passed its omnibus appropriations bill for Fiscal Year 2009, H.R. 1105. Missing in action: the U.S. contribution to the World Bank's so-called Clean Technology Fund (CTF), which has repeatedly come under fire from CGD's David Wheeler and others for including coal-fired power plants among those potentially eligible for CTF support.
Congress Demands World Bank Reform as Condition for Clean Tech Fund Authorization
The House Financial Services Committee will consider new legislation this week that would contribute $400 million in FY2009 to a multilateral Clean Technology Fund (CTF), administered by the World Bank, to promote low-carbon energy production in developing countries. Scheduled for mark-up on Tuesday, H.R.
House Committee Tells U.S. Treasury to Heed Calls for Redesign of Clean Tech Fund
Controversy over the World Bank's proposed design for a multibillion dollar Clean Technology Fund (CTF) reached a House subcommittee last week. When the hearing ended, Rep. Luis Gutierrez (D-IL), the chairman of the subcommittee, voiced support for CGD senior fellow David Wheeler's scenario for a successful fund. Wheeler had urged that the CTF be redesigned to rapidly drive down the price of zero-emissions renewable power so that it becomes cheaper than electricity from coal and other fossil fuels -- thereby helping to avert a climate disaster.
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