WB grants $45.4 mn to India for clean coal
The 'Coal Fired Generation Rehabilitation' project will be financed by World Bank's Global Environment Facility.india Updated: Jan 23, 2007 20:05 IST
The World Bank on Tuesday announced a grant of $45.4 million to co-finance the launch of projects for rehabilitation of coal-fired power generation plants that will help ensure clean energy.
The 'Coal Fired Generation Rehabilitation' project, the first of its kind in India, will be financed by World Bank's Global Environment Facility (GEF) and implemented by the Power Ministry.
The project will also help increase output and efficiency of the existing plants.
"We at GEF intend to work with our 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," Monique Barbut, CEO and chairman, GEF, said at a press conference in New Delhi.
"The grant will enable the country to move forward," Barbut added.
India has also received an allocation of $29.6 million for development of biodiversity and $74.9 million for projects under climate change from the GEF.
"Coal is in abundance everywhere in the world. And India cannot ignore its usefulness in its path towards development," said Maxine Olson, UN Resident Representative India.