World Bank ups support for renewables, efficiency 87 percent

The World Bank Group announced October 2 it increased funding for renewable energy including hydropower and for energy efficiency by 87 percent in the past fiscal year.

The bank said total commitments for the year ending June 30, 2008, reached nearly US$2.7 billion.

The bank said commitments by the World Bank Group, including Carbon Finance operations and the Global Environment Facility included: US$476 million for new renewable energy including hydro projects up to 10 MW; US$1.007 billion for hydropower projects of more than 10 MW each; and US$1.192 billion for energy efficiency.

The World Bank considers hydropower, regardless of scale, to be renewable energy. For reporting purposes, hydropower projects of more than 10 MW are reported separately from other renewables.

The renewable energy and energy efficiency investments made up 35 percent of total bank group energy commitments for the year, with 95 projects in 51 countries plus two cross-border projects.

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