World Bank invested US$ 3.3 billion in renewable energy 2008-2009

Alexander Richter 19 Sep 2009

The World Bank's financing of renewable energy projects in developing countries increased by about 24 per cent last year to top $3.3 billion, including a number of geothermal projects.

Reported from the U.S., “The World Bank’s financing of renewable energy projects in developing countries increased by about 24 per cent last year to top $3.3 billion.

The group said in its latest statement that the new level, which it described as the highest ever, accounted for more than 40 per cent of its total lending for the year ended June 30, 2009, to promote energy efficiency in those countries.

Projects: New renewable energy projects include solar energy for heat and power, wind energy for mechanical and electrical power generation, geothermal and biomass energy for power generation and heat, and hydropower of 10MW or less per installation.

Katherine Sierra, the bank’s Vice President for Sustainable Development, said the new level far surpassed the commitments it made five years ago at the Bonn International Renewable Energies Conference, to increase support for new renewable energy and energy efficiency by nearly $1.9 billion by 2009.

Renewable energy and efficiency financing during the period gulped more than $7 billion, more than three-and-a-half times the group’s target.

The bank provided about $463 million for 2005, $1.105 billion for 2006, $682 million for 2007, $1.665 billion for 2008 and $3.128 billion for the current year.

According to Ms Sierra, about two-thirds of the expenditure on private sector energy development projects financed by the International Finance Corporation (IFC) is in the renewable or energy efficiency subsector.

Izumi Kobayashi, Executive Vice President, disclosed that the Multilateral Investment Guarantee Agency (MIGA), is helping investors and developing countries reduce the harmful practices associated with global warming by providing political risk guarantees to support investments in renewable energy, energy conservation, and increased efficiency”, adding that over $350 million has been disbursed over the last five years by the agency to support projects geared towards renewable energy and energy efficiency programmes. During the period, about 366 projects were approved in 90 countries, including 99 in 48 countries last year.”

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Source: 234Next