World Bank’s investment in renewable energy storage a much-needed boost to clean energy revolution

 

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.”

 

Contact information: 

Simon Hernandez-Arthur in Washington | simon.hernandezarthur@oxfam.org | +1 585 503 4568 | Twitter: @SimonHernandez