Reuter's Foundation - Leading development and environment NGOs, including Christian Aid and Friends of the Earth, have today welcomed the commitment by The Co-operative Bank to hold no investments in the World Bank's private sector arm, the International Finance Corporation (IFC).

It is understood that The Co-operative Bank had become increasingly concerned about the IFC's commitment to fossil fuel extraction and its failure to provide meaningful investment for renewable energy projects.

Industry monitors estimate that in 2005 IFC was the world's largest multilateral financier of fossil fuel extraction. Meanwhile, last year the agency devoted a mere 4% of its total energy lending...

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Posted by rjorr at April 13, 2006 5:28 PM