WB's funding for energy projects up

WASHINGTON - World Bank’s funding for renewable and efficient energy projects in developing countries rose 87 per cent during the past year to nearly $2.7 billion, reflecting the growing interest and demand for environmentally-friendly sources of power.

“Concerns about energy security, climate change, and increasing energy prices make many renewable energy and energy efficiency measures and applications very attractive in a number of different settings,” said Jamal Saghir, World Bank Director for Energy, Transport, and Water.

“This is reflected in the increased demand for investment and also for technical assistance to strengthen regulatory frameworks providing incentives to climate change-friendly applications”, he added, according to a news release issued yesterday by the Bank.