World Bank Commits $1 Billion for Battery Storage

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On September 26, 2018, the World Bank committed $1 billion for a global green program at the One Planet Summit. It wants to “accelerate investments in battery storage for energy systems in developing and middle-income countries”. Things are looking up for clean energy, when the World Bank commits to helping these countries ramp up their renewables mix.

World Bank Commits to Supporting Wind and Solar

The World Bank Group puts wind and solar on center stage in its efforts to improve energy security. Moreover, it has its sights on grid stability and expanding electricity access in developing and middle-income countries.

Now that the world knows the World Bank commits to supporting the green energy movement, it anticipates commitment flowing from other sources. Its press release specifically mentions “another $4 billion in concessional climate financing and public and private investments”. We are hugely impressed by this giant leap, despite naysayers hoping to prop up fossil fuel the rest of us know must go.

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Big GWh Numbers in the World Bank Plan

Developing countries have a scant 4 to 5 GWh (gigawatt hours) installed. The ambitious plan aims to more than triple this to 17.5. “For developing countries, this can be a game changer,” World Bank Group President Jim Yong Kim said.

“Battery storage can help countries leapfrog to the next generation of power generation technology. And expand energy access” he added. “This will set the stage for much cleaner, more stable, energy systems.” The overall plan aims to finance or ‘de-risk’ investments in “utility-scale solar parks with battery storage”. Mini grids are also part of the plan to which the World Bank commits its support.

“Batteries are critical to decarbonizing the world’s power systems,” President Jim Yong Kim believes. “We call on our partners to join us. And match the investments we’re making today.”

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World Bank Press Release

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I tripped over a shrinking bank balance and fell into the writing gig unintentionally. This was after I escaped the corporate world and searched in vain for ways to become rich on the internet by doing nothing. Despite the fact that writing is no recipe for wealth, I rather enjoy it. I will not deny I am obsessed with it when I have the time. I live in Margate on the Kwazulu-Natal south coast of South Africa. I work from home where I ponder on the future of the planet, and what lies beyond in the great hereafter. Sometimes I step out of my computer into the silent riverine forests, and empty golden beaches for which the area is renowned. Richard

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