World Bank Group Reiterates Focus on Green Energy

News & Broadcast - World Bank Group Reiterates Focus on Green Energy

The World Bank Group said today its financing commitments to new renewable energy projects increased to $1.5 billion in 2010, more than triple the amount committed in 2008. Energy efficiency lending increased 48 percent during the same period.

The figures confirm the institution is on track to meet its commitment to increase support for new renewable energy and energy efficiency by nearly $8.8 billion over 2008-2012.

“Combined with our large hydropower commitments, this amounts to $3.63 billion for green energy,” said Inger Andersen, the Bank’s Vice President for Sustainable Development. “It’s a record for the World Bank Group, and clear evidence of a shared commitment between the institution and borrowing countries to invest in a sustainable energy future.”

In 2010, the Bank Group commitments on renewable energy, energy efficiency, transmission and distribution, and energy sector reform accounted for more than 60 percent of total energy financing.

The lending covers approvals for 118 renewable energy and energy efficiency projects in 51 countries, raising the total number of projects of this kind to 428, under way in 100 countries.