World Bank president Jim Yong Kim speaks at the International Monetary Fund and World Bank annual meeting in Bali, Indonesia on Oct. 11. Correction: A previous version of this article ran the headline The World Banks Quits Coal. The article has been updated for accuracy to emphasize that the shift to renewables was driven by cost. The World Bank has withdrawn its support for a planned 500-megawatt coal plant in Kosovo because it cannot compete with renewable energy on price, president Jim Yong Kim said Wednesday. The power plant was the last coal project being considered for financing by the World Bank. "We have made a very firm decision not to go forward with the coal power plant because we are required by our by-laws to go with the lowest cost option, and renewables have now come below the cost of coal," Kim said (skip to the 55:03 mark in this video ). "So without question, we are not going to do that." The remarks were made during the World Bank and the International Monetary Fund meetings in Bali, Indonesia. The World Bank provides financial, advisory and technical support to developing countries. In December, the Washington-based lender announced at […]

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