The World Bank today announced it would launch a $1 billion program to “fast-track investments in battery storage,” a move meant to help speed up the deployment of renewable energy in developing countries.
In response, Sasanka Thilakasiri, Oxfam’s energy policy lead, said:
“Oxfam welcomes this new commitment; bringing down the price of storage is an important piece in making energy more accessible to poor communities and helps establish clean energy grids that low-carbon economies need.
“We’re glad to see the World Bank not just divest from upstream oil and gas, but also use their own resources to give renewable energy a much-needed boost in developing countries. We hope this will be the start of the major mobilization of finance required.”