1 billion for batteries
The World Bank is pumping $1bn into a new global initiative to boost investments in battery storage for energy systems in developing countries. The programme aims to ramp up the use of renewables – particularly wind and solar power – and improve energy security and grid stability, as well as increase access to electricity.
The $1bn from the World Bank is expected to mobilise an additional $4bn in climate financing and public and private investments.
The programme will support large-scale projects for new storage technologies suitable for developing countries, including long-lasting batteries that are resilient to harsh conditions and high temperatures, and with minimal environmental risk.
The institution has already financed around 15% of the stationary battery storage capacity already deployed or currently under construction in developing countries
“For developing countries, this can be a game changer,” the World Bank says. “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.”