[enviro-vlc] World Bank’s funding of renewable and efficient energy projects up 87 per cent

[Vern Weitzel]

http://www.un.org/apps/news/story.asp?NewsID=28418&Cr=Renewable+Energy&Cr1=

World Bank’s funding of renewable and efficient energy projects up 87 per cent


3 October 2008 – The World Bank’s funding for renewable and efficient energy 
projects in developing countries rose 87 per cent during the past year to nearly 
$2.7 billion, reflecting the growing interest and demand for 
environmentally-friendly sources of power.

“Concerns about energy security, climate change, and increasing energy prices 
make many renewable energy and energy efficiency measures and applications very 
attractive in a number of different settings,” said Jamal Saghir, World Bank 
Director for Energy, Transport, and Water.

“This is reflected in the increased demand for investment and also for technical 
assistance to strengthen regulatory frameworks providing incentives to climate 
change-friendly applications,” he added, according to a news release issued 
yesterday by the Bank, which is based in Washington, DC.

At the 2004 International Renewable Energies Conference in Bonn, Germany, the 
World Bank Group pledged to boost its financial support for new renewable energy 
and energy efficiency projects by 20 per cent per year.

Since then it has more than exceeded that goal each year, committing close to 
$3.7 billion to such projects, compared with the agreed commitment goal of $1.3 
billion.

The Bank’s commitments during the past fiscal year – which ended in June – 
include nearly $1.2 billion for energy efficiency, as well as almost $1.5 
billion for renewable energy including wind, solar, biomass, geothermal and 
hydropower projects.

Renewable energy and energy efficient investments made up 35 per cent of the 
Bank’s energy commitments for the year – up from 13 per cent per year on average 
in the early 1990s – with 95 projects in 51 countries, as well as two 
cross-border projects.

The Bank noted that high energy prices and acute power shortages have led to an 
increased demand for energy efficiency projects, including automated meter 
reading systems and efficient lighting measures. Such projects are being 
implemented in a number of countries such as China, Pakistan, Argentina, 
Ukraine, Burundi and Zambia.

Increased investments in renewable and efficient energy projects will not only 
benefit the environment but also contribute to job creation, according to a 
landmark study released last week by the UN Environment Programme (UNEP) and the 
International Labour Organization (ILO).

The report found, among other things, that renewable energy generates more jobs 
than employment in fossil fuels. Projected investments of $630 billion by 2030 
would translate into at least 20 million additional jobs in the renewable energy 
sector.

In recent years some 2.3 million people have found new jobs in the renewable 
energy sector alone, and the potential for job growth in the sector is huge, 
added the report, which stated that employment in alternative energies may rise 
to 2.1 million in wind and 6.3 million in solar power by 2030.

In addition, investments in improved energy efficiency in buildings could 
generate an additional 2 million to 3.5 million green jobs in Europe and the 
United States alone, with the potential much higher in developing countries.