March 11, the World Bank will support the assessment of offshore wind power potential in developing countries with a new USD 5million programme, the financial institution said last week.
The UK government has provided a grant of GBP 20 million (EUR 23m/USD 26m) to the World Bank’s Energy Sector Management Assistance Program (ESMAP), which made the launch of the new initiative possible. The grant will help low- and middle-income countries carry out sustainable energy solutions.
The International Finance Corporation (IFC) and ESMAP will cooperate with the Global Wind Energy Council (GWEC) and provide technical assistance that will enable developing countries to flesh out a pipeline of investment-ready projects and facilitate the adoption of offshore wind technology, the World Bank said.
Developing countries' governments, commercial wind energy developers and experts will collaborate on the programme.
The World Bank estimates that around USD 500 billion will be invested in offshore wind projects by 2030. Currently, the offshore wind industry brings in approximately USD 26 billion in annual investments.
Countries with untapped offshore wind resources, such as Brazil, Indonesia, India, the Philippines, South Africa, Sri Lanka and Vietnam, could benefit from the investments, the World Bank said.
(Source: Renewables Now)