The World Bank’s stated goal is to provide economic assistance to developing nations so these countries may rise above poverty. While this noble goal may not always be congruent with battling global warming, last year World Bank President Robert Zoellick stated the bank would “significantly step up our assistance” in combating climate change. However, Bloomberg News (via the Pittsburgh Tribune-Review) tells us that “the development institution is increasing its financing of fossil-fuel projects around the globe.”

One such project is the Tata Ultra Mega power plant in India, which just sounds massive. Once fully operational in 2012, the plant will be one of the top 50 greenhouse gas emitters in the world. And the World Bank is giving a lot of support.

The $4.14 billion, coal-powered Ultra Mega plant will emit more carbon dioxide annually than the nation of Tunisia, according to the U.S. Department of Energy. The World Bank in April agreed to provide $450 million in loans and guarantees for the project and also may buy a $50 million stake in it.

The logic, for the World Bank, is simple. To recoup the money they invest as quickly as possible, so they can lend more money, the Bank needs to invest in short-term things, such as power plants, not renewable energy. However, some are saying that the investments, though financially sound, are not actually necessary, especially considering the ecological implications.

The recipient of the World Bank Group’s coal-power loan, Tata Power Ltd., is the biggest electricity generator in India that’s not under state control. The company has a stock-market value of $5.5 billion, and its shares have increased more than six-fold over the past five years. In the year ended March 31, the company reported net earnings of $206 million, up 25 percent from the year before.

You can takepart by visiting the World Bank’s page on climate change to learn some of the good that the Bank is doing in the area, and decide for yourself if they’re doing more good or harm.