World Bank rejects energy industry notion that coal can cure poverty

• World Bank's climate change envoy: 'We need to wean ourselves off coal'
• Bank has stopped funding new coal projects except in 'rare circumstances'

The World Bank said coal was no cure for global poverty on Wednesday, rejecting a main industry argument for building new fossil fuel projects in developing countries.

In a rebuff to coal, oil and gas companies, Rachel Kyte, the World Bank climate change envoy, said continued use of coal was exacting a heavy cost on some of the world's poorest countries, in local health impacts as well as climate change, which is imposing even graver consequences on the developing world.