World Bank Group touts renewable energy funding

- The World Bank Group announced its financing for renewable energy and energy efficiency projects in developing countries rose to its highest level ever.

The group said its financing for renewable energy and energy efficiency projects rose 24 percent in the last fiscal year to $3.3 billion.

The bank during the past five years approved 366 projects in 90 countries. In the past year alone, it approved 99 projects in 48 countries.

The World Bank Group said it passed the financial commitments made at the Bonn International Renewable Energies Conference in 2004 for new energy projects by roughly $1.9 billion during the last four years.

"We've now committed to even more challenging goals on clean energy and carbon intensity reduction investments as we strive to make reliable energy access for all a reality," said Katherine Sierra, vice president for sustainable development at the World Bank.

The bank said that two out of every three dollars spent in private sector development were in the sector of renewable energy or energy efficiency.

Commitments to renewable energy and energy efficiency for the year ending June 30 represented 40 percent of the total energy lending by the bank.

Related News

hydro one

Hydro One and Alectra announce major investments to strengthen electricity infrastructure and improve local reliability in the Hamilton area

HAMILTON - Hydro One Networks Inc. (Hydro One), Ontario's largest electricity transmission and distribution company, and Alectra Utilities have announced they expect to complete approximately $250 million of work in the Hamilton area by 2022 to upgrade local electricity infrastructure and improve service reliability.

As part of these plans to strengthen the electricity grid in the Hamilton region, investments are expected to include:

installing quieter, more efficient transformers in four stations across Hamilton to assist in reducing the number of outages;
replacing protection and switching devices across the city to shorten outage restoration times;
refurbishing a power line originally installed in 1915…

READ MORE

How Ukraine Unplugged from Russia and Joined Europe's Power Grid with Unprecedented Speed

READ MORE

stellaten-and-innergex-sign-wind-deal-with-bc-hydro

Stellat'en and Innergex Sign Wind Deal with BC Hydro

READ MORE

ontario electricity prices

Secret Liberal cabinet document reveals Electricity prices to soar

READ MORE

florida-power-faces-controversy-over-hurricane-rate-surcharge

Florida Power & Light Faces Controversy Over Hurricane Rate Surcharge

READ MORE