This news is rather old, but please bear with me: the World Bank announced four weeks ago that its funding for renewable energy and energy-efficient projects and programs in developing nations increased by 87 percent over the past fiscal year. For the year ending June 30, 2008, the World Bank had committed a total of $2.7 billion (or so says its press release) to 95 projects in 51 countries, with two cross-border projects. Almost a third of this was funneled into hydropower projects, and about $476 went to renewable energy projects (this includes solar, wind, biomass, etc.). There was no word on how much of this $476 went to solar, although the press release did mention a solar-thermal project currently underway in Egypt. Granted, the World Bank is one of many sources of funding for budding energy programs in developing nations, yet its status as a high-profile lender of capital amplifies the magnitude of its movements and announcements, no matter how small. And while the announcement is more of a pat on the back than anything, it’s a positive sign that the high energy prices and power outages that have long plagued the developing world are being addressed with accelerated urgency. However, in light of the current financial and banking crisis, the question of how lending capital to support renewable energy—and especially solar—programs in places that can’t necessarily afford them is probably going to be unavoidable. Getsolar will keep its eyes and ears peeled for some answers.
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