Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Measure Better Investing in Racial Equity Beyond Aid Beyond Trade-offs Impact en las Americas New Revivalists Women Rising in India Operation Impact
Smarter Money Women Rising 2030 Finance Locavesting Inclusive Economy Regeneration Impact Tech New Power Geographies
Slack Conference Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Industry News Impact Management Good Business Personal Finance Faith and investing Billionaires
Gender Lens Investing Women Rising in India
SDGs Climate Finance Clean Energy Innovative Finance Full Stack Capital Long-termism
Opportunity Zones Investing in place
Entrepreneurship Return on Inclusion Good Jobs Inclusive Fintech Creative economy Housing New Schooled Well Being People on the Move
Conservation Finance Farmer Finance Financing Fish
Blockchain/AI/IoT Urban Tech Food Tech Inclusive Fintech
Human Rights Democracy and Peace News and Information
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States Growth Markets
Subscribe Log In

World Bank earmarks $1 billion for better batteries

ImpactAlpha, September 30 – The World Bank’s new billion dollar “Accelerating Battery Storage for Development” program aims to triple installed battery capacity in developing countries by 2025.

The pledge was among a number of climate commitments made last week in New York at the One Planet Summit, hosted by former New York Mayor Michael Bloomberg and Bloomberg Philanthropies. The event, a follow-on to last year’s summit in Paris, was co-hosted by French President Emmanuel Macron, U.N. Deputy Secretary General Amina Mohammed, and World Bank President Jim Yong Kim.

“Not enough capital is flowing,” Bloomberg warned at the event. “The markets’ allocation of capital is a powerful weapon in the fight against climate change.”

Macron noted that one third of all global financing needs to be allocated to finance climate change mitigation and adaptation for the Paris Agreement to succeed.

To that end, the World Bank says its $1 billion in financing for battery storage should catalyze an additional $4 billion in public and private investments. The program aims to both fund and de-risk investments in utility-scale solar-plus-storage projects, mini-grids and other off-grid systems, and stand-alone batteries. It hopes to finance 17.5 gigawatt hours of battery storage in developing countries by 2025.

You might also like...