World Bank pledges to finance fewer coal-fired power plants overseas
This spells a bullish outlook for (TAN) and other alternative energy etf's
There is no question that the coal industry will have concerns, as it did with President Barack Obama's speech last month when he called for "an end to public financing for new coal plants overseas." Big Coal also can't be happy with the World Bank's similarly timed pledge to finance fewer coal-fired power plants overseas, especially in light of the fact that the U.S. exported a record "125.7 million tons of coal last year, the third straight year of more than 100 million tons of exports," according to the U.S. Energy Information Administration.
The consequences of this decision are not insubstantial. In some ways, the World Bank and Big Coal were best of friends, working in tandem, with a little help from other U.S. agencies, including the U.S. Agency for International Development.