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Over the last year, the World Bank has increased its funding of renewable energy and energy efficiency projects in developing countries by 24% to $3.3 billion.

The Bank says it has surpassed the commitment made at the Bonn International Renewable Energies Conference in 2004 to increase support of renewables and energy efficiency projects by $1.9 billion between 2005 and 2009. In fact the increase has been more than $7 billion of over the period.

“We’ve shown that not only is lending for renewable energy and energy efficiency an environmentally and socially sound choice, but that often these options make good business sense as well,” says Rashad Kaldany of the International Finance Corporation (IFC), the member of the World Bank Group focused on private sector development.

Between 2005 and 2009, the Bank says it has approved 366 renewable and energy efficiency projects in 90 countries, 99 in the last year.

For further information:
www.worldbank.org/energy