World Bank Commits $1 Bn for Battery Storage to Bolster Renewables Globally

Also, the program aims to finance 17.5 GWh of battery storage by 2025 – more than triple the 4-5 GWh currently installed in all developing countries.

The World Bank Group has committed to investment USD 1 billion for a new global program to ramp up investments in battery storage for energy systems in developing and middle-income countries.

This program is expected to help these countries speed-up their use of renewables – particularly wind and solar power – improve energy security, increase grid stability and expand access to electricity.

Moreover, this USD 1 billion financing is expected to mobilize another USD 4 billion in concessional climate financing and public and private investments.

Also, the program aims to finance 17.5 GWh of battery storage by 2025 – more than triple the 4-5 GWh currently installed in all developing countries.

Commenting on the development, World Bank Group, President, Jim Yong Kim said, “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,” Kim added.

Currently, batteries used in energy generation systems are expensive, and most projects are concentrated in developed countries.

The “Accelerating Battery Storage for Development” program, in response to demand from countries, will finance and de-risk investments such as utility-scale solar parks with battery storage, off-grid systems – including mini-grids – and stand-alone batteries that can help stabilize and strengthen grids.

The program will also support large-scale demonstration projects for new storage technologies suitable for developing countries’ needs – such as batteries that are long-lasting, resilient to harsh conditions and high temperatures, and that present minimal environmental risks.

“Batteries are critical to decarbonizing 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.” Dr Kim said.