At the recent One Planet Summit in New York, World Bank Group (WBG) President, Jim Yong Kim announced a commitment to invest $1 billion in the Accelerating Battery Storage for Development programme. This is with an aim to raise an additional $1 billion in concessional climate funds through channels such as the Climate Investment Funds’ Clean Technology Fund (CTF) and a further $3 billion from public and private funds and investors.
This new WBG programme is designed to aid investment in battery storage in developing countries and the intention is to finance 17.5GWh of battery storage by 2025, which is more than triple the 4-5GWh currently installed across all developing countries.
In a statement released, the WBG President said:
“Batteries are critical to decarbonising the world’s power systems. They allow us to store wind and solar energy and deploy it when it’s needed most to provide people with clean, affordable, round-the-clock power.
“For developing countries, this can be a game changer. Battery storage can help countries leapfrog to the next generation of power generation technology, expand energy access and set the stage for much cleaner, more stable energy systems.”
In addition to financing projects and de-risking investments, such as utility-scale solar parks with battery storage, off-grid systems and stand-alone batteries that can help stabilise grids; the programme will also convene a global think tank on battery storage, bringing together national laboratories, research institutions, development agencies and philanthropies to foster international technological cooperation and training that can develop and adapt new storage solutions tailored for the needs and conditions of developing countries.
This Accelerating Battery Storage for Development programme is an opportunity of a lifetime which will help developing countries boost energy security, embrace more clean energy, usher in new technologies and fight climate change.
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