WB's funding for energy projects up

Increased investments in renewable and efficient energy projects will not only benefit the environment but also contribute to job creation, according to a landmark study released last week by the UN Environment Programme and the International Labour Organisation (ILO).

The report found, among other things, that renewable energy generates more jobs than employment in fossil fuels.

Projected investments of $630 billion by 2030 would translate into at least 20 million additional jobs in the renewable energy sector.

In recent years some 2.3 million people have found new jobs in the renewable energy sector alone, and the potential for job growth in the sector is huge, added the report, which stated that employment in alternative energies may rise to 2.1 million in wind and 6.3 million in solar power by 2030.

In addition, investments in improved energy efficiency in buildings could generate an additional 2 million to 3.5 million green jobs in Europe and the United States alone, with the potential much higher in developing countries.