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Sustainable Development

Climate Investment Funds: The quiet motor behind our most impactful climate investments

John Roome's picture

It does not happen often that one of the finest actors of our time tweets about a World Bank supported project and invites all his fans to have a look at the impressive pictures taken from space. In fact, I can’t remember having seen that before.
 
But this is what Oscar winner and climate activist Leonardo DiCaprio did a few months ago when the Noor Concentrated Solar Plant (CSP) in Morocco—the largest CSP plant in the world - was opened. Once finalized, in two years, it will provide clean energy to 1.1 million households. I visited the plant two weeks ago and it is truly an impressive site. The indirect benefits of the project might even be larger: it has advanced an important and innovative technology, it has driven down costs of CSP, and it holds important lessons for how public and private sectors can work together in the future.
 
I am proud that the World Bank, jointly with the African Development Bank and a number of foreign investors, supported this cutting-edge solar energy project. But it was made possible thanks to the Climate Investment Funds (CIF), which put in US$435 million to “de-risk” the investment, playing an essential role to kickstart the deal. 

Are we travelling on a sustainable development path?

Augusto Lopez-Claros's picture

Global development as a universal objective to improve people’s social and economic wellbeing is a relatively recent concept.

It was first embodied in the United Nations Charter, signed in San Francisco 71 years ago this week, which stated: “the United Nations shall promote higher standards of living, full employment, and conditions of economic and social progress and development.” In time, at least among practicing economists in academia and policymakers in government, “development” came to be seen as improved economic opportunity through the accumulation of capital and rising productivity.

Getting current: New tech giving more Africans access to electricity

Charles Feinstein's picture
Control room at a power station in Ghana. (Photo by Jonathan Ernst / World Bank)

Much work remains to be done to ensure reliable electricity access for Africa's citizens. A number of complications are making it difficult to achieve this UN Sustainable Development Goal. Yet access rates are expanding in many nations, and technology and design improvements offer opportunities to make rapid leaps forward. 

Of the 1.1 billion people on Earth without access to electricity, about half live in Africa. And while the World Bank’s Global Tracking Framework shows progress is being made to deliver electricity to those without, most of it is taking place in Asia. In Africa, it’s a different story.

How many people does it take to change a light bulb?

Ashok Sarkar's picture
What is this? Read on to find out.

Riddle us this. In what country are...
  • 450 million ceiling fans already in use, 40 million new ones sold every year?
  • 350 million fluorescent tube lights already in use, 10 million new sold every year?
  • 30 million air conditioners already in use, three million new sold every year?
If you guessed India, you are right.

With a population of about 1.2 billion, India is one of the largest consumer markets in the world. So it’s no surprise that household appliances account for several gigawatts of electricity usage across the country. As India’s middle class grows and people move from villages to towns and cities, electricity usage is only increasing. In fact, hundreds of millions of electric appliances will be added over the next few decades. This poses a serious challenge for India’s energy security since there already are electricity supply shortages, which often lead to chronic outages and blackouts. The surge in household appliances is also a climate change challenge—India, the world’s third-largest CO2 emitter, is predicted to continue increasing its greenhouse gas emissions at least until 2030.

But India is turning this challenge into an opportunity by tapping into energy efficiency solutions, a relatively new area with already a few major successes. Considered globally as the “first fuel,” energy efficiency is rising to the forefront of India’s quest for innovative solutions to provide 24/7 reliable and affordable electricity for all.

Can growth benefit all?

Felipe Jaramillo's picture



As an economist, I always thought that sustained growth over many years was the key to reduce poverty and promote development. Now I know, that while growth is important, it is a particular type of growth, the one that is inclusive, that is key for sustained development to take place.

As policy makers we are now focusing all our efforts in identifying and promoting policies targeted at boosting the incomes of the bottom 40 percent of the population. We need to ensure that growth provides benefits to those that are in the lowest deciles of the income distribution.

Empowering a greener future

Mafalda Duarte's picture
CIF launches annual report that marks 2015 as year of achievements
 CIF
Photo: World Bank Group


This is Morocco’s Noor 1 concentrated solar power plant, the first phase of what will eventually be the largest concentrated solar power plant in the world. It is an impressive sight—visible even from space–and it holds the promise of supplying over 500 megawatts of power to over a million Moroccans by 2018. It also embodies the power of well-placed concessional financing to stimulate climate action. Low cost, long term financing totaling $435 million provided by the Climate Investment Funds (CIF) has served as a spark to attract the public and private investments needed to build this massive facility, and it is just one example of how the CIF is empowering a greener, more resilient future.

Four things you can do during Earth Hour to fight energy poverty

Andy Shuai Liu's picture



On March 19, millions of people across the globe will turn their lights off for one hour. For many, Earth Hour is a time to recognize and acknowledge the array of challenges our world faces on energy, climate, and poverty.

Well over a billion people still live without electricity. Almost 3 billion still use air-polluting and carbon-emitting solid fuels (such as wood, coal and dung) for cooking and heating.
 
Some of us have seen these numbers so many times, they no longer seem as alarming as they should. Their impact has worn thin... So to recognize this reality for millions of our fellow human beings and to raise awareness of energy poverty, here are a few things you can do for Earth Hour on Saturday, March 19:

Why “inefficiency” is needed in energy financing for Africa

Aaron Leopold's picture
Source: Andrew Heath for Practical Action

One of the most important findings noted at the Africa launch of the World Bank's Progress Toward Sustainable Energy: Global Tracking Framework 2015 (GTF) report for the Sustainable Energy for All initiative, is that despite recent trends to increase investment in the energy sector, we still need to double the number of new connections to modern energy services per year to reach universal access to energy by 2030.
 
Universalizing access to clean, modern energy services is at the heart of our ability to deliver on the new globally agreed sustainable development goals and climate agreements. Knowing this, the panel of experts discussing the findings of the report at the Africa Energy Indaba was asked a key question by Anita Marangoly George, Senior Director of the Bank's Energy and Extractives Global Practice - did we think achieving the universal access goal was possible in just a decade and a half?

Mobilizing the buildings sector for climate action

Marcene D. Broadwater's picture

Also available in: Spanish

Kolkata West International City, India. Credits: IFC


With the passing of the historic climate change agreement in Paris, the buildings sector, which accounts for 32 percent of total energy use and 19 percent of GHG emissions, has been highlighted as a key industry to transform in order to achieve global climate mitigation goals. The private sector has responded with ambitious pledges for action, and must now turn to practical solutions to put the building sector on a low-carbon path.

The good news is that the level of aspiration is very high. I participated in the first-ever Buildings Day at COP21, witnessing ambitious commitments from both the public and the private sector. Over 90 countries have included attention to buildings in their Nationally Determined Contributions (NDCs), with greater than 1,300 commitments from companies and industry and professional organizations.


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