Ex-Im Bank Pushes Hard To Fund 8,760 Mw Of Coal Generation In India, S.A.; Each Plant = 8 US Plants

[hatrack]

The United States Export-Import Bank (Ex-Im Bank) voted on Wednesday to seek a final review of a $900m loan for a controversial 3,960 MW coal-fired power plant in India, reports Pacific Environment, a San Francisco-based environmental group.

The Sasan coal-fired Ultra Mega Power and Mine Project is one of nine “Ultra Mega Power Plants” being pursued by the Indian government. Each plant is roughly equivalent of eight average U.S. coal fired power plants and will generate 26 to 27 million tons of carbon dioxide annually, or about 1.7 percent of India's total greenhouse gas emissions.

The move was condemned by Doug Norlen, Policy Director for Pacific Environment. "The Bank’s board bowed to political pressure and in so doing wastes public financing to worsen their fossil fuel binge,” he said, noting that a recent Government Accountability Office report shows that 95 percent of Ex-Im’s energy portfolio is based on fossil fuels.

The investment trend looks to continue. The agency is now looking to fund the 4,800 MW Kusile coal project in South Africa. The plant would generate 36.8 million tons of carbon dioxide annually, increasiny emissions from South Africa's energy sector by nearly 13 percent and the country's overall emissions by 9.7%.

EDIT

http://news.mongabay.com/2010/0826-ex-im_bank.html

[Vincardog]

1. The banksters pushing hard in the wrong direction once AGAIN

[kristopher]

2. Recommend "Confessions of an Economic Hit Man" (book)

and it documentary version "Apologies of an Economic Hit Man" for those who doubt Vindardog's message.

[Dead_Parrot]

3. Hatrack, you big meanie...

You made kitty sad

[hatrack]

4. Every time you say "Ultra Mega Coal", cute tiny kittens weep bitter tears!

Must go now and flog self.

Will select thick branches of stinging nettles.

(Head hanging in shame).

[Kringle]

5. Obama helps India create jobs, just wonderful .nt