World Bank Boosts ‘Green Energy’ Funding By 87 Percent

The World Bank’s investment in “green energy” jumped 87 percent in the fiscal year that ended June 30. That rise followed a two-thirds increase from 2006 to 2007. Of the nearly $2.7 billion committed, $1.1 billion targets energy efficiency projects in such countries as China, Pakistan, Argentina, Ukraine, Burundi, and Zambia. Another $1 billion will fund large hydropower projects, and $476 million will go toward new renewable energy installations, including wind, solar, biomass, geothermal, and smaller hydropower projects. Jamal Saghir, the World Bank’s energy chief, noted that poor countries need alternatives to high and volatile oil prices and also need to mitigate the impacts of climate change by cutting their greenhouse gas emissions.