World Bank’s “green” energy funding up 87 percent

World Bank funding for efficient and renewable energy rose 87 this year to nearly $2.7 billion, reflecting the importance of moving to a low-carbon economy, the bank's energy chief said on Thursday.

Investment in "green" energy projects is essential for poor countries hit hard by soaring oil prices, said Jamal Saghir, World Bank Director for Energy, Transport and Water.

"What's affecting the poor countries is not only the oil price increase, it's the volatility as well, which is creating vulnerability at the same time," Saghir said by telephone.

"That's why you look at alternative sources of energy."

Funding in fiscal 2008, ending June 30, was nearly double the previous year's $1.4 billion, which in turn was 67 percent higher than in fiscal 2006.

Rising traditional energy prices has made alternative energy, such as wind power, more attractive and affordable in the developing world.

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Source: Reuters