Bretton Woods Project
5 October 2007

The Bank's latest carbon reduction credentials include a report on reduction in gas flaring as part of the global gas flaring reduction partnership, and a new initiative to 'light up' Africa. Such positive developments are offset against the institution's continued funding for large-scale, grid-based energy sector loans, while a Greenpeace report adds to calls for development banks to scale up renewables lending and phase out support for polluting energy projects.

In September, the World Bank and IFC launched Lighting Africa, a programme to supply energy to 250 million Africans by 2030 as part of its Investment framework on clean energy and development (see Updates 55,53) and Africa energy access scale-up plan. The Bank estimates that 500 million Africans out of a total population of 743 million currently lack access to a reliable source of "modern energy". The initiative aims to "develop market conditions for the supply and distribution of new, non fossil-fuel lighting products, such as fluorescent light bulbs and light emitting diodes, in "areas of the region that are not connected to the electricity grid", using renewable energy or mechanical sources.

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Posted by dcjaya at October 5, 2007 1:33 PM