Sources: World Bank Arm to Fund Coal-Based Power Plants
India gets $45.4m Grant from World Bank for Thermal Power
Last week, the World Bank announced a $45.5 million grant to help finance new power plants in India. This grant is the beginning of the Coal Fired Generation Rehabilitation project, which will create coal-fired power generation plants and increase output and efficiency of the existing plants in order to produce cleaner energy in India. This project’s goal is to produce fewer carbon emissions and it is projected that it will lead to 10 to 15 percent improvement in power generation.
This project will be funded by World Bank's Global Environment Facility (GEF) and implemented by the power ministry. This marks the first time the GEF will fund coal power projects.
According to Monique Barbut, GEF Chairman and CEO, GEF will work with their “Indian counterparts and other large developing countries to develop clean energy framework that will enable them to obtain energy according to their requirement for development.”
Barbut also stated that “the grant will enable the India to move forward.” The first rehabilitation will be completed by the end of next year, while the other two are expected to be completed in the following two years. In addition to aid for the Coal Fired Rehabilitation project, India has also received $29.6 million for development of biodiversity and $74.9 million for climate change projects from the GEF.
Question: How will the rehabilitation of these coal-fueled power plants aid in India’s economic development?
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