World Bank Group allocates $20.5 bln to finance green projects

World Bank Group allocates $20.5 bln to finance green projects

Ukrinform
For the last fiscal year, the World Bank Group allocated $20.5 billion to finance projects on reduction in greenhouse gas emissions, clean energy development and climate change prevention.

"For the last fiscal year, the World Bank Group provided a record $20.5 billion in funding for projects on reduction in greenhouse gas emissions, clean energy development and climate change prevention," the State Agency on Energy Efficiency and Energy Saving of Ukraine reports.

As noted, in 2018, the World Bank Group's financing of green projects reached 32.1% and exceeded the target set in 2016 (28% by 2020).

Increased spending allowed to install additional 18,000 MW of clean power generator capacities and to allocate more than $10 billion to finance renewable energy commercial projects.

Major credit institutions of the World Bank Group - the International Bank for Reconstruction and Development and the International Development Association - almost doubled the share of green projects from 37% in 2016 up to 70% in 2018.

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