The World Bank Group announced yesterday that it will boost efforts to expand energy access, while also increasing support for renewable energy and energy efficiency in developing countries. As part of its effort to support UN Secretary-General Ban Ki- moon’s Sustainable Energy for All initiative, the World Bank will provide about 8 billion U.S. dollars a year in financing for energy projects and programs, which leverages a comparable amount from donors, governments and the private sector.

Meanwhile, the bank will also seek to double leveraging of its energy lending, emphasizing low-carbon energy, to 16 billion dollars a year.

The World Bank, which already supported energy access initiatives in 60 countries around the globe, also pledged to scale up initiatives to provide electricity, clean household fuels and improved cookstoves in selected countries, while also seeking increased financing to implement them, said World Bank Managing Director Mahmoud Mohieldin.

Providing access to electricity to the world’s 1.3 billion people who are without it, and clean household fuels to the 2.7 billion without them, is a priority for the World Bank Group, Mohieldin said.  At the same time, we
will promote energy efficiency practices and facilitate efforts by countries to shift to cleaner energy sources.

Meanwhile, the Climate Investment Funds, managed by the Bank Group and regional multilateral development banks, and to which donors have pledged 7 billion dollars, will also be invested, to a large extent, in renewable energy and energy efficiency projects in ways that leverage private investment.

The World Bank will work with ESMAP and other international agencies to produce a baseline report on current status worldwide, with respect to the three goals of Sustainable Energy for All, which will form the basis for regular global tracking reports to monitor and report on progress towards the 2030 targets for access, renewable energy and energy efficiency.

By mobilizing our knowledge, financial resources and convening power, along with that of our partners, I am convinced that we can find the right strategies and the financing needed to eliminate energy poverty and achieve these goals by 2030, Mohieldin said.

The Independent/Bangladesh/ 23th June 2012