World Bank Commits $1 Billion for Battery Storage in Developing Countries

New program will mobilize another $4 billion; “game changer” for developing countries

In a major announcement at the One Planet Summit here, the World Bank Group committed $1 billion for a new global program to accelerate investments in battery storage for energy systems in developing and middle-income countries. The program is expected to help these countries ramp up their use of renewables – particularly wind and solar power – improve energy security, increase grid stability and expand access to electricity.  The $1 billion in World Bank Group financing is expected to mobilize another $4 billion in concessional climate financing and public and private investments. The program aims to finance 17.5 gigawatt hours (GWh) of battery storage by 2025... ... More: Official Press Release World Bank

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