World Bank earmarks $1b for energy in developing nations

The World Bank Group is committing $1 billion to a new global programme aimed at accelerating investments in battery storage for energy systems in developing and middle-income countries.

The project is to help the beneficiaries ramp up their use of renewable sources, especially wind and solar power as well as improve energy security, grid stability and expand access to electricity.

Its President, Jim Yong Kim, who spoke yesterday in New York, hinted that the group would also mobilise another $4 billion in concessional climate financing and public and private investments.