The World Bank Group committed $1 billion for a new global program to accelerate investments in battery storage for energy systems in developing and middle-income countries, President Jim Yong Kim announced Wednesday.
Speaking at the 2018 Global Business Forum in New York, Kim said the program aimed to help those countries to increase their use of renewables, especially wind and solar power, improve their energy security and expand their access to electricity.
'For developing countries, this can be a game changer,' he added. 'Battery storage can help countries leapfrog to the next generation of power generation technology, expand energy access, and set the stage for much cleaner, more stable, energy systems.'
While the World Bank Group is putting $1 billion of its own funds for the new program, it will raise another $1 billion through the Climate Investment Funds’ Clean Technology Fund.
Founded in 2008, the Climate Investment Funds represents one of the first global efforts to invest in a dedicated climate finance vehicle.
The World Bank program is expected to raise an additional $3 billion from public and private funds and investors.
'Batteries are critical to decarbonizing the world's power systems. They allow us to store wind and solar energy and deploy it when it's needed most to provide people with clean, affordable, round-the-clock power,' Kim said.
'We can create new markets for battery storage in countries with high wind and solar potential, growing energy demand, and populations that still live without reliable electricity,' he added.
By Ovunc Kutlu in New York
Anadolu Agency
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