World Bank fights poverty with renewable energy,?EcoSeed?19?Jul?2013 ?The World Bank is now promoting energy efficiency and renewable energy, limiting its financial support for coal-fired power plants so as to reduce poverty and build shared prosperity.
The World Bank released a paper back on July 16, titled ?The Energy Sector Directions Paper,? which sets a principles-based course for the Bank Group?s work in the energy sector that will focus on expanding energy access and sustainable energy.
Based on the new course of the bank, the institution aims to expand access to energy, along with accelerating energy efficiency and renewable energy,?specifically, increasing its support for hydropower projects, for future work in the energy sector. The bank added that it will ?only in rare circumstances? provide financial support for new coal power generation projects.
Under the paper, World Bank will emphasize on improving the financial, operational, and institutional environment for the energy sector in countries to help stimulate private sector investment, while consulting with affected communities and civil society organization and industry.
According to the international financing institution, delivering reliable energy services for economic development and providing access to electricity and modern household energy services to the billions without it is essential to reducing poverty.
Knowing that billions of people around the world do not have access to electricity, or are still using wood, charcoal and etc. for cooking and heating spurred the World Bank to set a more sustainable and efficient course.
?We need affordable energy to help end poverty and to build shared prosperity. We will also scale up efforts to improve energy efficiency and increase renewable energy ? according to countries? needs and opportunities,? said World Bank Group President Jim Yong Kim.
Different organizations react
Following the paper that the World Bank has released, Jennifer Morgan, Director, Climate and Energy Program at the World Resources Institute released a statement, welcoming the financing institution?s move. Ms. Morgan applauds World Bank?s focus on energy access and the decision to limit new coal investments to rare circumstances as a way of balancing development priorities with climate impacts???HTTP://WWW.ECOSEED.ORG/LOW-CARBON/LOW-CARBON-BIZ/16781-WORLD-BANK-FIGHTS-POVERTY-WITH-RENEWABLE-ENERGY
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