World Bank Group support for renewable energy and energy efficiency totaled $748 million in 2005, including $449 million for hydroelectric power, $212 for new renewable energy, $87 million for energy efficiency.
In total, 36 renewable energy projects and 28 energy efficiency projects in 28 countries were funded. The $748 million marks 2.2 times the funding of 2004, which was set at $339 million, the WBG says.
At the June 2004 International Renewable Energies Conference in Bonn, the World Bank Group announced a commitment to scaling up lending for renewable energy and energy efficiency.
The key elements of the Bonn Commitment include ensuring that renewable energy and energy efficiency are seen as economically viable and essential ingredients in the energy choices of developing countries, increasing commitments for new renewable energy and energy efficiency technology by at least 20 percent annually over the next five years (FY05– FY09), and leading a renewable energy and energy efficiency financing and policy network for developing countries.
