The World Bank has announced at the UN General Assembly that it is creating a $1bn buffer of loan money to dish out for battery financing in the developing world. It is also seeking partners to provide an additional $4bn of financing ($3bn from public and private sector and $1bn from channels such as the Clean Technology Fund - whose biggest donors are the UK, US and Japan).
The KPI is to finance 17.5 GWh of battery storage capacity by 2025. This will be expanding the current capacity in developing countries today of 4.5 GWh.
Jim Yong Kim, president of the World Bank, stated "Batteries are critical to decarbonizing the world's power systems". They allow storage of renewable energy and reduce dependence on power from the grid. Banks of batteries can allow the creation of mini-grids supporting remote communities, something the World Bank is already financing.
The International Finance Corporation, part of the World Bank, predicts 40% growth in energy storage over the next nine or ten years.
The KPI is to finance 17.5 GWh of battery storage capacity by 2025. This will be expanding the current capacity in developing countries today of 4.5 GWh.
Jim Yong Kim, president of the World Bank, stated "Batteries are critical to decarbonizing the world's power systems". They allow storage of renewable energy and reduce dependence on power from the grid. Banks of batteries can allow the creation of mini-grids supporting remote communities, something the World Bank is already financing.
The International Finance Corporation, part of the World Bank, predicts 40% growth in energy storage over the next nine or ten years.
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