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World Bank group loans India $450 million for massive coal-power project

A New York Times article described the Tata loan agreement as illustrative of the “troubling tension” between driving development and curbing climate risk in a world still wedded to fossil fuels.

The $450-million loan from the International Finance Corporation, a branch of the World Bank, with the Asian Development Bank, Korea, and other backers, was for a planned $4 billion, 4,000 megawatt coal-burning power plant in Gujarat state.

The decision by the bank’s board of directors comes even as former Vice President Al Gore and NASA climate scientist James E. Hansen call for a freeze on new coal-plant construction in the United States unless the emissions can be captured. Still others contend that India and China need not follow the Western norm of building prosperity on fossil fuels.

China and India are the world’s most populous nations and their energy use is projected to double from 2005 to 2030. By 2030, they will account for nearly half the 55 per cent increase in global demand. Both have resisted calls to limit emissions, saying energy use per person is still much lower than in industrial nations.

What's desperately needed is funding for new research, but as the Tata loan illustrates, subsidies still cater to the burning of fossil fuels.

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#249612
heath c. +0; Fri, 2008-04-11 06:01; Do you support the idea of
heath c (not verified)

Do you support the idea of bringing power to over 13,000 people who currently do not have it, or are you against the idea of a plant that has less polution than previous ones?

There has to be a balance and a compromise for the next 4-8 years while technologies that mitigate pollution become economically viable for emerging countries. It's like driving that bad car, while you wait to afford the safer newer model.

Just my thoughts...

#249655
heath c. +0; Fri, 2008-04-11 06:43; correction
heath c (not verified)

...not 13,000.... 16 million people.

#404377
Phillip Huggan. +0; Mon, 2008-07-14 20:21; Wow. I just read about
Phillip Huggan (not verified)

Wow. I just read about this. This complete crap. I'm guessing this is because friends of GWB (and thus enemies of Earth's future civilians) are in charge of the World Bank.
Heath, on a 1-10 scale of air/GHG pollution: diesels are 1, coal is 2, nuclear is maybe 4(?), and wind is 8 to 10, depending on the manufacturing plant's power source. Heath, do you really believe this plant is only to operate for 4-8 years?!
This isn't India building a coal plant, this is the World Bank helping India build a coal plant. Probably for 50% higher costs (ie. Canada loans $40 million rather than $60 million), this could've been wind turbines. If India industrialized on coal, we are fucked. What a waste of taxpayer money. Why don't we just start subsidizing corn?
Those 16 million people with power, won't have food under this model because soot and CO2 will cause them to miss a monsoon.
I don't think the world bank is a functional entity anymore, at least not under American administration. It was designed to rebuild Europe post WWII using 20th century industry. Clearly, it isn't equipped to develop the world under 21st century industries (hint, not coal and the cold war is over).
Israel bombed an Iraqi nuclear reactor over 25 years ago, because of a WMD threat. A decade or two from now, when climate or climate precipitated events demonstrate the grim reality CCS-less coal is a WMD, I expect Israel to do the same thing to this facility for the exact same reason, and the World Bank to eat the loss.
If we can't trade war India into abaondoning coal, that's a real tough problem. But we're building the damn things for them, WTF?!

#459287
Phillip Huggan. +0; Sun, 2008-08-10 18:07; Specifically, there might
Phillip Huggan (not verified)

Specifically, there might never be new a green electricity source as cheap as existing coal fired power-plants, let alone in 4-8 years.
CCS storage coal plants will cost about as much as wind turbines. Offshore turbines look one cent/kW/h more expensive than land ones. Polymer solar cells utilize many of the Moore's Law deflationary forces semiconductor chips enjoy, but it is hard to imagine Nanosolar getting costs down to coal. Solar panels with copper and copper wind turbines with copper may even rise in value (as might copper cooling pipes, cooling towers and power lines). Maybe decades-from-now battery advances will enable off peak power generation to be stored, likewise for carbon nanotube powerlines. Maybe not. Maybe a solid-state hydrogen storage economy towards the 2nd half of this century will bring costs down below 5 cnets/kW/h. But given how finicky PEM fuel cells (hydrogen from natural gas is not sustainable) are, I doubt it.
In the above analogy the bad car might be all we have, and voting for a political party that is a tool to big oil, is driving the car off a cliff. I can't for the life of me understand why loud wealthy people in Alberta, Saskatchewan and Texas, are urging a perpetuation of the present state of affairs. Global public (IDK private figures) energy R+D is $7-8 billion annually. Exxon made $40 billion last year. I'd like to think when you earn money, you do it in a way that doesn't destroy Earth. But I'm from Winnipeg, not Calgary.

#703587
BrycenC. +1; Thu, 2009-03-05 00:55; Brycen C for "World Bank group loans India $450 million for.....

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#704111
mikese. +1; Tue, 2009-03-31 08:19; It's a shame our government

It's a shame our government didn't give some of that bailout money to people who lost their homes because of a mortgage they were tricked into. 450 million for coal is a waste when it can be put towards renewable energy.

#704167
MickyJones. +1; Wed, 2009-04-01 12:52; Another chunk out of our environment

I dont know where this will all end.  The coporate giants and governments are working together to bring this planet to its knees and is there anything the little guy can do about it?  I wish to god they would put the planet before their own greed just once to prove their is hope.  Micky from instant decision loans.

#707565
judith. +1; Mon, 2009-10-12 02:09; What type of loan other than

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#704245
Samantha_U. +1; Fri, 2009-04-03 01:43; Families and individuals who

Families and individuals who are suffering from financial hardships because of their mortgage or loans can apply for the federal loan modification program.  The program works in such a way that the government will work with your creditors and lower your interest rate and/or extend the terms of your loan.  The interest rate, and therefore payments, are lowered for a period of a few years (up to 5), and then begin climbing back up to the market rate.  However, you must make sure you meet the requirements for the federal program to lower your interest rate.

#704688
LeonM. +1; Thu, 2009-04-23 00:16; Compared to the first quarter

Compared to the first quarter of 2008, the profit for the first quarter of 2009 of JP Morgan Chase bank has become lower.  However, JPM, along with other large banks, takes it as a good sign because they are making a profit.  They announced that with their return to profitability, they will begin paying back all the TARP funds that they received from the government, and treat it as a short term loan.  This is a good move for them. Other large banks are following suit.  This may mean fewer banks needing JPM, and returning to health like JPM.

#709686
joseph123. +1; Fri, 2009-12-04 02:33; Often the interest charged on

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#704874
asmi123. +1; Tue, 2009-05-05 22:16; Stop Repossession

For the poorest developing countries in the world the bank’s assistance plans are based on poverty reduction strategies; by combining a cross-section of local groups with an extensive analysis of the country’s financial and economical situation the World Bank develops a strategy pertaining uniquely to the country in question. The government then identifies the country’s priorities and targets for the reduction of poverty, and the World Bank aligns its aid efforts correspondingly. If you want to Stop Repossession, you best choice is that of selling your house quickly and renting it back for as long as you want at an agreed rate.

#704890
apple123. +1; Thu, 2009-05-07 03:49; sell and rent back

The World Bank has dual roles that are often contradictory: that of a political organization and that of an action-oriented organization. As a political organization, the World Bank must meet the demands of donor and borrowing governments, private capital markets as well as other international organizations. As an action-oriented organization, it must fulfill the role of a neutral organization specialized in delivering development aid, technical assistance, and loans. These dual roles are often inconsistent with one another. The World Bank’s obligations to donor countries and private capital markets have caused it to adopt policies and programs that endorse liberal economic theory which dictates that poverty is best alleviated by the implementation of market-oriented policies.sell and rent back is far more discreet than selling your home on the open market.

#705829
max123. +1; Sun, 2009-06-28 21:34; Pawnshops New England

Hi,
But what if your 2008 return shows you would get you a lower payment than you did with your 2007 return? No worries. Just keep the difference -- really. Also, if you have a baby or adopt a child in 2008, more good news. You could still get a stimulus payment for that child on your 2008 return.
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#706379
Max. +1; Mon, 2009-08-10 03:10; lowest mortgage rate
Max

Hi,

Mortgages may be legal or equitable. Furthermore, a mortgage may take one of a number of different legal structures, the availability of which will depend on the jurisdiction under which the mortgage is made. Common law jurisdictions have evolved two main forms of mortgage: the mortgage by demise and the mortgage by legal charge.....

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#707044
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#709154
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#709685
asd. +1; Fri, 2009-12-04 02:28; wsx
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#710296
Mattie. +1; Wed, 2009-12-09 10:08; Climate Cover -Up

What's desperately needed is funding for new research, I agree.
It is also sad to see that most of the big money world is led by greed.
And sad to see that our planet is facing major issues, and the greed is making too many people turn a blind a eye .
I think there is a little too much unbalance in the world.
We have to all do our part together to help.
And just live by the golden rule - and just treat people, animals, our enviroment and our planet the way we would like to be treated.

Mattie from WWW.INSUREWISH.COM

#710639
kiddzy. +1; Sat, 2009-12-12 01:10; nice

Nice article.. corsets
..All the best for the project , Will keep visiting your blog in future days also.

About the climate cover-up

About the climate cover-up

Democracy is utterly dependent upon an electorate that is accurately informed. In promoting climate change denial (and often denying their responsibility for doing so) industry has done more than endanger the environment. It has undermined democracy.

There is a vast difference between putting forth a point of view, honestly held, and intentionally sowing the seeds of confusion. Free speech does not include the right to deceive. Deception is not a point of view. And the right to disagree does not include a right to intentionally subvert the public awareness.

Although all public relations professionals are bound by a duty to not knowingly mislead the public, some have executed comprehensive campaigns of misinformation on behalf of industry clients on issues ranging from tobacco and asbestos to seat belts.

Lately, these fringe players have turned their efforts to creating confusion about climate change. This PR campaign could not be accomplished without the compliance of media as well as the assent and participation of leaders in government and business.

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