On September 26, 2018, the World Bank committed $1 billion for a global green program at the One Planet Summit. It wants to “accelerate investments in battery storage for energy systems in developing and middle-income countries”. Things are looking up for clean energy, when the World Bank commits to helping these countries ramp up their renewables mix.
World Bank Commits to Supporting Wind and Solar
The World Bank Group puts wind and solar on center stage in its efforts to improve energy security. Moreover, it has its sights on grid stability and expanding electricity access in developing and middle-income countries.
Now that the world knows the World Bank commits to supporting the green energy movement, it anticipates commitment flowing from other sources. Its press release specifically mentions “another $4 billion in concessional climate financing and public and private investments”. We are hugely impressed by this giant leap, despite naysayers hoping to prop up fossil fuel the rest of us know must go.
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Big GWh Numbers in the World Bank Plan
Developing countries have a scant 4 to 5 GWh (gigawatt hours) installed. The ambitious plan aims to more than triple this to 17.5. “For developing countries, this can be a game changer,” World Bank Group President Jim Yong Kim said.
“Battery storage can help countries leapfrog to the next generation of power generation technology. And expand energy access” he added. “This will set the stage for much cleaner, more stable, energy systems.” The overall plan aims to finance or ‘de-risk’ investments in “utility-scale solar parks with battery storage”. Mini grids are also part of the plan to which the World Bank commits its support.
“Batteries are critical to decarbonizing the world’s power systems,” President Jim Yong Kim believes. “We call on our partners to join us. And match the investments we’re making today.”
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Preview Image: End User Solar Power in Uganda
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