The World Bank will invest $1bn of its own funds in the Accelerating Battery Storage for Development programme. The scheme is aimed at bringing renewable energies, including utility-scale solar parks with battery storage and off-grid systems, to developing countries. A further $1bn will be raised via such channels as the Climate Investment Funds’ Clean Technology Fund, while public and private investors will contribute $3bn, according to the World Bank. “Solar energy has been a key part of our strategy since we launched it back in 2008,” said Jim Yong Kim, president of the World Bank, which last year pledged $100m towards financing clean energy. South Asia, Africa and the Pacific have previously received support from the World Bank for storage projects.
The World Bank will invest $1bn of its own funds in the Accelerating Battery Storage for Development programme. The scheme is aimed at bringing renewable energies, including utility-scale solar parks with battery storage and off-grid systems, to developing countries. A further $1bn will be raised via such channels as the Climate Investment Funds’ Clean Technology Fund, while public and private investors will contribute $3bn, according to the World Bank. No countries have been confirmed for the scheme. South Asia, Africa and the Pacific have previously received support from the World Bank for storage projects.