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Home / Business / UK pledges $ 250 million to Global Energy Storage Program

UK pledges $ 250 million to Global Energy Storage Program



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The
UK pledged £ 200 million ($ 250 million) to Climate Investment Funds & # 39; Global
Energy storage program, as in collaboration with the World Bank's energy
Storage Partnership aims to deliver cutting-edge energy storage and renewables
scale energy solutions.

France's Agency for Development
(AFD) and the Netherlands pledged $ 100 million to reduce solar risk
Initiative (SRMI), with the Netherlands also announces $ 20 million for the bank
planned Clean Cooking Fund.

Britain's contribution supports the world
Bank Group's goal of mobilizing $ 1 billion in concessional climate funds for one
global energy storage program, along with a $ 1 billion commitment,
announced at the One Planet Summit in September 2018.

The program is expected to help middle-income and developing countries increase their use of renewable energy, particularly wind and solar power, improve energy security, increase grid stability, and expand access to electricity.

It also aims to fund 17.5 GWh battery
storage by 2025 – more than tripled 4-5GWh currently installed
developing countries.

“Energy storage is important to maximize the use of renewable energy sources such as solar and wind power. The transition to renewable energy and clean cooking is at the heart of development and two of our top priorities, says Riccardo Puliti, the World Bank's global director of energy and extractive industries and regional director of infrastructure, Africa.

Read more stories about
Energy storage
Climate change

Solar Risk Mitigation Initiative

Mortgages from
France and the Netherlands, as part of SRMI, will provide support to countries
in sub-Saharan Africa, which has some of the world's largest holes
power access while scaling up their grid and solar-powered grid
energy programs.

Upendra
Tripathy, Director General of the International Solar Alliance (ISA), commented: “I am extremely proud and honored that the solar risk
The Mitigation Initiative demonstrates the first concrete results. This is a
basic and comprehensive mechanism that will greatly support ISA
member countries in developing solar energy.

"I think this is the kind of partnership that will allow us to reach the goals of the Paris Agreements and SDGs 7 and 13."

The Dutch government committed $ 44 million to the regional electricity grid project in the Sahel, in addition to $ 224.7 million from IDA and the Climate Investment Fund's Clean Technology Fund announced in April 2019.

The project takes aim to
increase the supply of electricity for households, businesses and public institutions
using modern, freestanding solar systems. Around 1.7 million people in the Sahara
Africa is expected to have access to electricity or improved service through the EU
efforts.

France's € 50 million
($ 55 million) will give private investors guarantees for less solar energy
projects in sub-Saharan Africa through the Africa Trade Insurance Agency.

This will help the bridge
the gap for smaller projects and helping countries distribute privately funded solar energy
projects quickly and efficiently.

SRMI was launched at
COP24 by the World Bank in collaboration with AFD, ISA and International
Renewable Energy Agency.


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