Energy-Saving News

Energy Efficiency Funding From The World Bank Hits New High

Posted on 15. Sep, 2009 by Ross in Policy News

Whilst Western companies compete for scarce funding for energy efficiency projects, the World Bank has stepped up its funding by 24% to a massive $3.3bn, with total renewable energy and energy efficiency commitments for the last year accounting for more than 40% of total Bank Group energy lending.

The Bank Group also said it far surpassed commitments made at the Bonn International Renewable Energies Conference in 2004 to increase support for new renewable energy and energy efficiency by nearly $1.9 billion over the period 2005-2009 included. In fact, new Bank Group financing for renewable energy and energy efficiency during that period amounted to more than $7.0 billion, more than three-and-a-half times the target. Katherine Sierra, Vice President for Sustainable Development at the World Bank said:

Five years ago, we thought we were stretching ourselves by promising to expand support for renewable energy and energy efficiency by 20% per year. As it turns out, our client countries have been even more ambitious in asking us to help them in this area, and we

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Tags: energy efficiency, funding, World Bank