It has been a record year for renewable energy loans as US$4.62bn of a total of US$9.45bn has been issued to developing nations to boost their renewable energy profile.
Issued by the World Bank, the money will be spread across a number of different means of renewable energy generation, with water-based generation receiving the bulk of funding (56pc), while 30pc will be going to wind, solar and geothermal generators.
According to Renewable Energy World, this latest figure is double the amount given last year for developing countries.
The World Bank had said the decision to issue more funding for developing countries comes after ever-growing demand from these nations for renewable-energy technology, as well as tackling ‘energy poverty’ as described by the World Bank’s senior director for energy and extractives, Anita Marangoly George.
“With 1.2bn people still living without electricity across sub-Saharan Africa and south Asia,” said George, “it’s clear where our work will be focused for the foreseeable future. Our priority is to find the cleanest energy solutions to meet local needs in the smartest ways possible.”
A number of high-powered hydro-electric projects have received approval, with further projects in the pipeline regarding solar and wind through the IFC, the World Bank’s group private-sector division.
This marks the fourth year in a row where no money has been given to coal energy projects, while oil-generation projects in sub-Saharan Africa account for only 1.7pc of this year’s funding.
Green financing image via Shutterstock