World Bank charges up battery storage

The World Bank Group (WBG) has instigated a £1bn programme to fast-track investments in battery storage, with the intention of helping the technology reach middle-income and developing countries.

The Accelerating Battery Storage for Development programme, which is expected to mobilise another $4bn, will help countries leapfrog to a new era of energy technology and improve their energy security and grid stability while bolstering global efforts to transition to clean energy.

Renewable energy sources, including solar and wind, accounted for almost two-thirds of net new power capacity around the world in 2016, with almost 165 gigawatts (GW) of power coming online in 2016. Renewable electricity capacity is also forecast to expand by over 920 GW between 2017 and 2022, and the ability to store the energy for use it vital to ensuring it can be utilised as a flexible, dispersed, and cost-effective solution.

The WBG is committing $1bn in financing for the programme itself, and aims to fundraise a further $1bn in concessional climate funds, through channels such as the Climate Investment Funds’ Clean Technology Fund (CTF), and mobilise at least another $3bn from the public and private sectors.

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