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Renewable energy (RE) and
energy efficiency (EE) offer vital solutions to meet the energy needs
for development in the face of climate change, financial crisis, and
fuel price shocks. Together, these crises wreak havoc on the lives of
the poorest in developing countries, strike at the foundations of energy
security and economic growth, and put years of development at risk.
Climate change has the worst effects on the poorest who have the least
ability to adapt. Developing countries are blessed with an abundance of
renewable energy resources and great opportunities for energy efficiency
improvements, but little of this potential is tapped. The World Bank
Group (WBG) addresses these challenges by putting RE and EE at the heart
of its energy agenda. The WBG made a commitment in 2004 to grow
investments in RE and EE by 20 percent per year from 2005-2009. Since
then, the Bank Group has invested over $6.3 billion in RE and EE with
2008 investments rising 87 percent to $2.6 billion compared to 2007. The
percentage of WBG energy lending currently going to RE and EE projects
amounts to 35 percent, up from 21 percent in 2000- 2004. The panel will
discuss strategies to further scale up investments in RE and EE to help
countries withstand financial and economic crises and provide
sustainable energy for long term development. The discussion will begin
with opening remarks by the World Bank and IFC discussing the
achievements and plans for accelerating support for RE and EE under the
Bank Group’s Strategic Framework on Development and Climate change. They
will be joined by representatives from government, and the private
sector who will offer commentary on how the WBG could further enhance
the effectiveness of its strategy and actions to better assist
developing countries in their efforts to provide sustainable energy to
their citizens. |
