"WASHINGTON - International environmental and development groups have denounced as completely inadequate a new World Bank commitment to increase its lending to renewable energy projects in developing countries by 20 percent annually over the next five years.
A statement signed by nine global green groups and released Thursday said the proposed increase was "marginal at best" and ignored the recommendations of its own studies for much greater investment in renewables, such as wind and solar power, and energy efficiency.
"Marginally increasing the funding for renewables is not enough because the World Bank's own numbers show that lending for polluting fuels is growing even faster," said Stephan Singer of World Wildlife Fund International (WWF).
"The US$200 million that the Bank is pledging for renewables is roughly the cost of their contribution to just one of the many fossil fuel projects they support annually," said Petr Hlobil of CEE Bankwatch, which is based in Prague."
http://www.commondreams.org/headlines04/0605-05.htm
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