WB's funding for energy projects up

At the 2004 International Renewable Energies Conference in Bonn, Germany, the WB Group pledged to boost its financial support for new renewable energy and energy efficiency projects by 20 percent per year. Since then it has more than exceeded that goal each year, committing close to $3.7 billion to such projects, compared with the agreed commitment goal of $1.3 billion.

The Bank’s commitments during the past fiscal year - which ended in June - include nearly $1.2 billion for energy efficiency, as well as almost $1.5 billion for renewable energy including wind, solar, biomass, geothermal and hydropower projects.

Renewable energy and energy efficient investments made up 35 percent of Bank’s energy commitments for the year - up from 13 percent per year on average in the early 1990s - with 95 projects in 51 countries, as well as two cross-border projects.

The Bank noted that high energy prices and acute power shortages have led to an increased demand for energy efficiency projects, including automated meter reading systems and efficient lighting measures.  Such projects are being implemented in a number of countries such as China, Pakistan, Argentina, Ukraine, Burundi and Zambia.