World Bank to Double Funding for Renewable Energy and Energy Efficiency Projects
21 June 2012: During the UN Conference on Sustainable Development (UNCSD, or Rio+20), the World Bank announced a plan to double support in developing countries for expanded electricity access and more renewable energy initiatives.
The World Bank outlined its plan to increase finance for energy projects from US$8 to US$16 billion per year. This will go towards scaling up initiatives to provide electricity, clean household fuels, and more sustainable cookstoves in various developing countries. Specifically, the World Bank plans to include providing technical assistance and policy guidance to help countries establish energy access initiatives, expanding existing programs such as Lighting Africa, which supports sustainable and affordable lighting systems, and supporting clean cooking projects in Africa, South and East Asia, and Central America.
Furthermore, the World Bank pledged to provide risk mitigation in clean energy investments, support geothermal power initiatives, improve energy efficiency in urban settings, and expand the Global Gas Flaring Reduction partnership. [World Bank Press Release]