New figures from the Bank Information Center reveal that the World Bank Group’s support for fossil fuels broke the $2 billion mark for the first time in fiscal year 2008, with the lion’s share doled out by the IFC. Fossil fuel financing for the Group as a whole rose 60% from fiscal year 2007 to 2008, while extractive industries financing rose a whopping 119% in the same period.

Chart of World Bank fossil fuel and extractive industry lending 2005-2008

Congress Daily

Wed. June 25, 2008

HILL BRIEFS

Bush-Backed Energy Fund Stalled By Frank, Pelosi

Citing concerns by House Speaker Pelosi that an international Clean Technology Fund backed by the Bush administration might be used to build coal-burning power plants, House Financial Services Chairman Barney Frank postponed a markup on the bill Tuesday.

The administration’s proposal to contribute $2 billion over three years to the fund, which would be managed by the World Bank to help developing countries adopt cleaner forms of energy, had been approved by the Financial Services Monetary Policy Subcommittee despite strong opposition from environmental activists and some panel members.

Environmentalists say the World Bank has a history of supporting so-called “clean” technology for coal-fired plants that are a big source of global warming emissions.

Frank removed the bill from the full committee’s agenda Tuesday, saying that Pelosi wants to first have discussions about it with Treasury Secretary Paulson.