World Bank calls for investment in solar

The World Bank Group (WBG) has released a report calling for more investment in solar energy as a tool for tackling extreme poverty.

Toward a Sustainable Future for All: Directions for the World Bank Group’s Energy Sector, said that solar and other renewables had key role to play in helping reduce energy poverty, but “critically needed” more investment.

The report acknowledged rapidly declining costs are making solar power competitive, subsequently WBG plans to use solar as a major component in its 2013 energy strategy, which prioritises universal access to modern energy forms.

It also said it would work with individual countries to ensure they offer a “clear, predictable regulatory framework” to give encourage greater private sector investment.

The WBG committed US$8.2 billion to energy finance in 2012. Since 2007, US$12.5 billion has been provided for renewable energy projects.