HomeRenewablesWorld Bank's $25bn investment adds to global clean energy momentum

World Bank’s $25bn investment adds to global clean energy momentum

The World Bank has announced a new plan which it hopes will succeed in keeping up positive momentum towards a clean energy transformation as laid down in COP21.

The group has launched a new Climate Change Action Plan in a bid to help developing countries to add 30 GW of global renewable capacity by 2020, simultaneously helping countries meet their Paris COP21 pledges and address increasing climate impacts.
World Bank Group president Jim Yong Kim
As part of this effort, the bank plans to provide $25bn in private financing for clean energy by the end of the decade.

World Bank Group president Jim Yong Kim said the bank is moving urgently to help countries make major transitions to increase sources of renewable energy, decrease high-carbon energy sources, develop green transport systems, and build sustainable, liveable cities for growing urban populations.

Special teams will also be created to work with countries to generate a pipeline of bankable projects.

World Bank Group member International Finance Corporation (IFC) is planning to increase its climate investments from the current $2.2bn a year to $3.5bn a year in grid-connected renewable energy, green buildings, industrial/commercial energy efficiency, and climate-smart urban infrastructure.