World Bank aims for 30GW of renewable energy in new climate action plan

Facebook
Twitter
LinkedIn
Reddit
Email
The action plan sets out concrete focus areas including  clean energy, green transport, climate-smart agriculture, and urban resilience. Source: Flickr - Nicolas de Camaret.

The World Bank Group unveiled an ambitious new plan to aid developing countries fulfil their COP21 pledges by adding 30GW of renewable energy – doubling its current contributions to global energy capacity.

The plan revealed concrete actions to help countries deliver on their Nationally Determined Contributions (NDCs) and set out designs to mobilise US$250 billion in private funding for clean energy for 2020. Among the plans reported by the World Bank on Thursday, is a target to bring early warning systems to 100 million people and develop climate-savvy agricultural investment plans for at least 40 countries, also by 2020.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The overarching aim of the plan is to accelerate efforts to address climate change over the next five years and fortify resilience of communities through climate-smart social protection, sustainable cities and greener transport. The international finance group recognises the urgency needed to develop a more sustainable way of life and prepare infrastructures and communities for climate shocks to come.

The Group also plans to quadruple finances for climate-resilient transport and provide extra assistance for sustainable fisheries and forest management. The IFC, a member of the World Bank Group, aims to contribute to the action plan by increasing current efforts to US$3.5 billion a year. It also wishes to head-up the goal to add an additional US$13 billion a year in private sector funding by 2020.

This comes just months after the IFC signed an agreement with the Senegal government to help develop 200MW of solar power as part of the ‘Scaling Solar’ initiative and announced its support for the government of Madhya Pradesh by helping to attract US$750 million investment for a 750MW PV plant. In a similar vein, the World Bank Group intends to mobilise an additional US$25 billion in commercial financing for renewable energy over the next five years.

Plans also include collaboration with countries to create an array of renewable energy projects, with a focus on rooftop solar and growing distributed solar in Sub-Saharan Africa, according to the World Bank.

The action plan ultimately seeks to increase climate financing to up to US$29 billion annually by 2020 – a commitment originally announced by the Bank Group in October 2015.

The opportunities and challenges for solar in West Africa will be under discussion at the Solar & Off-Grid Renewables conference on 19-20 April in Accra, Ghana. Hosted by PV Tech's publisher, Solar Media, the event will feature a high-level panel of speakers from industry and government. For further details, click here.

Read Next

December 11, 2024
The money raised will support the development of the company’s C&I portfolio of more than 200 projects across the US.
December 10, 2024
Germany's rooftop solar tender ended up with a record 434MW of capacity bid, while France's was undersubscribed.
December 3, 2024
The Australian Energy Market Operator (AEMO) has said that the National Electricity Market (NEM) must introduce a new ‘emergency backstop’ mechanism to manage the impact rooftop solar PV can have on grid stability.
November 28, 2024
The Australian government has commenced a review of the National Electricity Market (NEM) to identify how it will operate in the coming decades and facilitate the uptake of solar PV.
November 15, 2024
The Australian Renewable Energy Agency (ARENA) has provided AU$1.7 million in funding to explore the integration of consumer energy resources (CERs) into the NEM.
November 11, 2024
The Australian Energy Market Commission (AEMC) has progressed a consumer-focused pricing review that was brought forward due to increasing household rooftop solar PV installation rates.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
December 18, 2024
9am GMT / 10am CET
Solar Media Events
February 4, 2025
London, UK
Solar Media Events
February 17, 2025
London, UK
Solar Media Events
February 26, 2025
Seattle, USA
Solar Media Events
March 11, 2025
Frankfurt, Germany