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World Bank to support offshore wind projects in developing countries
Release Time：2019-04-09
The World Bank said last week that the financial institution will support the assessment of offshore wind power potential in developing countries with a new $5 million (€ 4.4 million) program.
The UK government has provided a grant of £ 20 million (€ 23 million/$26 million) to the World Bank's Energy Sector Management Assistance Program (ESMAP), which made it possible to launch the new initiative. The grant will help low-and middle-income countries implement sustainable energy solutions.
The World Bank said that the International Finance Corporation (IFC) and ESMAP will work with the Global Wind Energy Council (GWEC) to provide technical assistance to enable developing countries to enrich the pipeline of projects available for investment and promote the adoption of offshore wind energy technologies.
A number of developing country governments, commercial wind energy developers and experts will collaborate on the project.
The World Bank estimates that about $500 billion million will be invested in offshore wind projects by 2030. Currently, the offshore wind industry brings in about $26 billion in investment annually.
Countries with untapped offshore wind resources, such as Brazil, Indonesia, India, the Philippines, South Africa, Sri Lanka and Vietnam, could benefit from these investments, the World Bank said.
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