#1 cleantech news, reviews, & analysis site in the world. Subscribe today. The future is now.


Clean Power

Published on August 28th, 2016 | by Saurabh

0

Renewable Energy Projects Secured $6 Billion From Multilateral Banks In 2015

August 28th, 2016 by  


Renewable energy projects across the world received funding worth $6 billion in 2015 from multilateral banks, a recent report has revealed.

The World Bank, The European Investment Bank (EIB), the Inter-American Development Bank (IDB), the Asian Development Bank (ADB), the African Development Bank (AfDB), and the European Bank for Reconstruction and Development (EBRD) provided a total of $25 billion in climate finance across the world.

Around 20% of this investment (i.e., $5 billion) went into adaptation projects, while the remaining 80% was invested into mitigation projects.

The World Bank Group — which includes International Finance Corporation, World Bank, and Multilateral Investment Guarantee Agency — led with a total investment of $10.7 billion, followed by the European Investment Bank with $5.1 billion of investment.

The renewable energy sector was the largest beneficiary of the mitigation investment made by these six banks. The sector received a total of $6 billion. The transportation sector received $5.3 billion, followed by energy efficiency at $2.8 billion.

Within the mitigation investment, non-EU Europe and Central Asia received 24% (or $4.7 billion) of the total $20 billion, while East Asia and Pacific, EU11, and South Asia received around $3 billion each. The Middle East and North Africa combined with sub-Saharan Africa received a total investment of almost $3 billion.

With solar power tariffs becoming increasingly competitive across the world – be it the Middle East, India, or Latin America – project developers are expected to look for more funding from multilateral banks which provide debt funding at very low cost.


Support CleanTechnica’s work via donations on Patreon or PayPal!

Or just go buy a cool t-shirt, cup, baby outfit, bag, or hoodie.



Tags: , , , , , , , ,


About the Author

An avid follower of latest developments in the Indian renewable energy sector.



Back to Top ↑