World Bank Invests $3.3 Billion in Renewable Energy

By Bassey Udo on September 16, 2009

The World Bank's financing of renewable energy projects in developing countries increased by about 24 per cent last year to top $3.3 billion.

The group said in its latest statement that the new level, which it described as the highest ever, accounted for more than 40 per cent of its total lending for the year ended June 30, 2009, to promote energy efficiency in those countries.

Energy efficiency comprises supply side and end-use thermal and electricity efficiency improvement activities, including efficiency improvements in industry, transport, buildings, and appliances; power generation rehabilitation, loss reduction in transmission and distribution, and improvements in the efficiency of heating systems.

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