The World Bank will invest $1bn of its own funds in the Climate Investment Funds’ Clean Technology Fund 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 Accelerating Battery Storage for Development, 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.
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.