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The World Bank Group announced a commitment at the One Planet Summit in New York on Wednesday to invest $1 billion to accelerate battery storage programs in the energy systems of developing and middle-income countries to further strengthen the use of renewable energy
.
One of the biggest obstacles to developing countries seeking to secure access to electricity is the lack of large-scale power infrastructure, such as grid systems and conventional fossil-fuel power plants
.
In this era, countries around the world seeking to develop renewable energy sources to reduce dependence on fossil fuels and gradually replace polluting energy sources are the wisest and most cost-effective option, but lack of infrastructure remains the biggest obstacle
.
The World Bank has identified a viable solution and committed $1 billion to expand investment in battery storage in the energy system as a means to
support the parallel expansion of renewable energy development.
"For developing countries, this could be a game-changer," said Dr.
Jim Yong Kim, World Bank Group Managing Director, "and battery storage can help countries leapfrog next-generation generation technologies, expand energy use, and lay the foundation for
cleaner, more stable energy systems.
" ”
The World Bank expects its $1 billion investment to mobilize $4 billion in concessional climate finance and public and private investment
.
Overall, the World Bank hopes the program will finance 17.
5 gigawatt-hours (GWh) of battery storage by 2025, more than
three times the capacity of energy storage batteries currently installed in all developing countries.
"Batteries are critical to decarbonizing the world's power system," Dr.
Kim explains, "and they allow us to store wind and solar energy and deploy it when it's needed most to provide people with clean, affordable all-weather power
.
" We call on our partners to join us and match
our investments today.
We can create new markets
for battery storage in a population with huge potential for wind and solar, growing energy demand and still without reliable electricity.
”
The World Bank Group announced a commitment at the One Planet Summit in New York on Wednesday to invest $1 billion to accelerate battery storage programs in the energy systems of developing and middle-income countries to further strengthen the use of renewable energy
.
One of the biggest obstacles to developing countries seeking to secure access to electricity is the lack of large-scale power infrastructure, such as grid systems and conventional fossil-fuel power plants
.
In this era, countries around the world seeking to develop renewable energy sources to reduce dependence on fossil fuels and gradually replace polluting energy sources are the wisest and most cost-effective option, but lack of infrastructure remains the biggest obstacle
.
The World Bank has identified a viable solution and committed $1 billion to expand investment in battery storage in the energy system as a means to
support the parallel expansion of renewable energy development.
"For developing countries, this could be a game-changer," said Dr.
Jim Yong Kim, World Bank Group Managing Director, "and battery storage can help countries leapfrog next-generation generation technologies, expand energy use, and lay the foundation for
cleaner, more stable energy systems.
" ”
The World Bank expects its $1 billion investment to mobilize $4 billion in concessional climate finance and public and private investment
.
Overall, the World Bank hopes the program will finance 17.
5 gigawatt-hours (GWh) of battery storage by 2025, more than
three times the capacity of energy storage batteries currently installed in all developing countries.
"Batteries are critical to decarbonizing the world's power system," Dr.
Kim explains, "and they allow us to store wind and solar energy and deploy it when it's needed most to provide people with clean, affordable all-weather power
.
" We call on our partners to join us and match
our investments today.
We can create new markets
for battery storage in a population with huge potential for wind and solar, growing energy demand and still without reliable electricity.
”
