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NEW YORK, New York, US, May 10, 2006 (Refocus
Weekly)
The World Bank Group provided US$748 million in
support for renewable energy and energy efficiency in the 2005
fiscal year (July 2004 to June 2005).
The commitment is 2.2 times higher than the FY2004 commitment of
$339 million, and every dollar of WBG commitment for projects in
renewables and efficiency leveraged $5 from private investors,
governments, and other donors. To meet the commitment made at the
June 2004 Bonn International Conference on Renewable Energies to
scale up support for renewables and efficiency by 20% a year over
the average of WBG commitment in the past three years, the World
Bank Group increased support to $299 million for new projects in
FY2005, which exceeds the 20% growth target of $251 million made as
part of the Bonn commitment.
In FY2005, a total of 36 projects in 28 countries were supported,
with $449 million directed to hydro projects with capacity larger
than 10 MW per facility, $212 million for new wind, solar,
geothermal, biomass and hydro (<10 MW), $87 million for energy
efficiency.
The International Bank for Reconstruction & Development and
International Development Association, including Global Environment
Facility co-financing and carbon funds, received $568 million of the
total, or 30% of total energy sector commitments of $1.9 billion.
The International Energy Agency forecasts that OECD countries will
invest only 8.3% of total energy investments in renewables from 2001
to 2010, it explains.
International Finance Corporation, including Global Environment
Facility co-financing and carbon funds, received $90 million of WBG
support while the Multilateral Investment Guarantee Agency received
$91 million.
“Renewable energy and energy efficiency can contribute significantly
to achieving the Millennium Development Goals by expanding energy
services, reducing the cost of energy services, and alleviating
energy security concerns, thus enhancing the quality of life for the
poor while improving the global and local environment,” explains the
WBG. Development of renewables and efficiency is “an integral part
of the WBG energy strategy as it strives to support sustainable
economic development in its partner countries.”
At its summit in Gleneagles, the G8 asked WBG to play a leading role
in creating a new investment framework for clean energy, and the WBG
says the initiative is “fully aligned with (its) current energy
strategy and its commitment to expanding renewable energy and energy
efficiency programs.” IFC and MIGA are expanding their efforts to
finance more private sector renewable energy investments, and IFC
has created new units to focus on investments in clean energy.
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