It is better to move towards solar energy than to continue to build coal plants, World Bank President Jim Young Kim said today, citing India’s massive efforts in solar energy which has made it “cost effective” and “quite competitive”.
According to PTI, Kim told reporters at the news conference held at the start of the annual Spring meeting of the International Monetary Fund and the World Bank that the incentives are clear that moving towards solar is better than continuing with the building of coal plants. Everyone needs to find ways of accelerating that process.
He said there was need to keep doing that as the options around the world, even in emerging markets, have gone down below three cents a kilowatt hour at which point it “becomes cost effective”.
He said climate change issue continued to be a priority for the Bank. He added that the bank was going to put on the table a different kind of platform where all the different groups that are trying to have an impact on climate can work together to put the financing tools together.
