The World Bank - Climate Change - Press Release - Renewable Energy & Energy Efficiency Financing by World Bank Group Hits All Time High
WASHINGTON, September 10, 2009 – The World Bank Group announced today that its financing of renewable energy and energy efficiency projects and programs in developing countries rose 24% in the last fiscal year to reach $3.3 billion, the highest ever. Total renewable energy and energy efficiency commitments for the year ended June 30, 2009 accounted for more than 40% of total Bank Group energy lendingWorld Bank could run out of money 'within 12 months' - Telegraph
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“Five years ago, we thought we were stretching ourselves by promising to expand support for renewable energy and energy efficiency by 20% per year,” said Katherine Sierra, Vice President for Sustainable Development at the World Bank. “As it turns out, our client countries have been even more ambitious in asking us to help them in this area, and we’ve been able to respond with robust investments to help build the low-carbon economies each country is seeking. We’ve now committed to even more challenging goals on clean energy and carbon intensity reduction investments as we strive to make reliable energy access for all a reality.”
The World Bank is close to running out of money, its president, Robert Zoellick, has disclosed.
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The Bank, whose job it is to support low-income countries, has had to hand out so much cash in the wake of the financial crisis that its resources could run dry within 12 months.
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