Australia lobbies infrastructure bank to invest in coal and nuclear power 
Tuesday, December 6, 2016 at 08:46PM
Uranium Stocks

Asian Infrastructure Investment Bank releases draft energy strategy prioritising renewable projects

The Australian government is lobbying for the Asian Infrastructure Investment Bank to put more emphasis on coal and nuclear after concerns renewable energy projects were being prioritised.

Draft guidelines were circulated by the bank that suggest it should prioritise investments in renewable energy projects across Asia while the Turnbull government has argued fossil fuels will play a significant role in energy generation in the region for decades to come..

Australia joined the AIIB in June 2015, with then-treasurer Joe Hockey pledging an initial $930m to the bank. The AIIB has been working with the Asian Development Bank, the World Bank, and a range of other banks to satisfy an estimated US$8tn infrastructure shortfall across Asia.

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