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WASHINGTON, DC, US, August 23, 2006 (Refocus
Weekly)
The World Bank Group says it committed US$680
million in FY-2006 to new renewable energy and energy efficiency
projects.
The funding is an increase of 48% over last year’s commitments,
and more than double the annual growth rate it committed to achieve
at a renewable energy conference two years ago in Germany.
In fiscal year 2006 (July 2005 to June 2006), the WBG (the World
Bank, International Finance Corporation, Multilateral Investment
Guarantee Agency, Carbon Finance operations, co-financing support
from the Global Environment Facility) amounted to $490 million for
energy efficiency and $190 million for wind, solar, biomass,
geothermal and hydropower under 10 MW of capacity per facility.
Geothermal was 80% of commitments made in new renewables, and the
subtotal of $680 million compares with WBG’s commitment of $459
million in FY-2005. In addition, in FY-2006, the WBG committed $192
million for hydropower projects larger than 10 MW of capacity.
The total funds committed for renewables and efficiency programs in
2006 was $871 million, with commitments comprising 37% of total
power sector projects, and 20% of WBG’s total energy sector
commitments in FY-2006, which reached $4.4 billion. In FY-2006, WBG
supported 62 renewable energy and energy efficiency projects in 35
countries.
“Renewable energy and energy efficiency can contribute significantly
to achieving the Millennium Development Goals; in fact, they offer a
double dividend (by) meeting the essential energy needs of countries
for sustained growth and poverty reduction, while at the same time
preserving or enhancing the environment,” says Jamal Saghir at the
World Bank. “Since 1990, WBG commitments in renewable energy and
efficiency have exceeded $10 billion, with each dollar leveraging
another $3 equivalent from other private and public sources.”
Of the total commitments, the International Bank for Reconstruction
& Development (IBRD) and International Development Association
(IDA), including GEF, committed $418 million, while the IFC
committed $452 million and MIGA committed $1.8 million for energy
efficiency.
“In addition to the $452 million in commitments in fiscal 2006, IFC
sees a strategic priority in helping our clients increase their
energy efficiency and explore clean energy technologies,” explains
Rachel Kyte of IFC, the private sector arm of the World Bank Group.
“We believe this is smart business for our clients and underlines
the role the private sector plays in mitigating global climate
change.”
In Bonn, in June 2004, at the International Renewable Energies
Conference, WBG committed to increase its support for new renewables
and efficiency by an average of 20% per year from 2005 to 2009. This
was re-affirmed by World Bank directors in their response to the
Extractive Industries Review.
In FY-2005 and FY-2006, cumulative commitments for new renewables
and efficiency reached $1,140 million, double the Bonn commitment
target of $552 million for these two years.
The World Bank recently launched a renewable energy web site and a
renewable energy toolkit for renewable energy practitioners and
policymakers. The Energy Sector Management Assistance Program, a
multi-donor facility at the World Bank, committed $1.5 million for
renewables and $1 million for efficiency for projects that will
develop supportive policies and identify prospective investments in
renewables and efficiency. Additional support to developing
countries is provided through the Asia Alternative Energy Program
and other trust funds.
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