Originally published December 29 2005
World Bank report shows development goals set for renewable energy can be met
by Mike Adams, the Health Ranger, NaturalNews Editor
The World Bank Group(WBG) Progress on Renewable Energy and Energy Efficiency Annual Report reveals that the bank committed $748 million dollars to renewable energy and energy efficiency efforts in 2005, and $9 billion overall since the effort began in 1990.
Total commitments since 1990 have now exceeded US$9 billion.
The report presents the progress made by the WBG in the year following its commitment to increase support for new renewable energy (RE) and energy efficiency (EE) by an average of 20 percent per year from 2005 to 2009.
"The results achieved in FY05," said Jamal Saghir, Director, Energy and Water at the World Bank, "demonstrate how the potential of renewable energy and energy efficiency can be tapped to offer clean energy services to meet the Millennium Development Goals (MDGs).
The FY05 progress report provides an overview of support for renewable energy and energy efficiency by the six regional energy units of the World Bank, the International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), Carbon Finance operations, Energy Sector Management Assistance Programme, and the Asia Alternative and Sustainable Energy Program.
The FY05 portfolio comprises US$449 million for hydropower with capacities greater than 10 MW per facility, US$212 million for other new renewable energies, and US$87 million for energy efficiency.
Each dollar of World Bank Group financing for projects in these sectors leveraged an average of nearly five dollars from private investors, governments, and others, according to the report.
� International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), including Global Environment Facility (GEF) co-financing and carbon funds, $568 million.
The initiatives ranged in size from just over half a million dollars for the Yemen Rural Electrification and Renewable Energy Development Project, to US$137 million in Bank financing and a GEF grant for the first phase of the Renewable Energy Scale-up Program in support of China's commitment to increase its share of renewable energy use from 7 percent of generation capacity today to 15 percent by 2020.
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