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The World Bank’s lending to accelerate transition for countries to become low carbon economies has grown from $US633 million per year in 2003-2005 to about $1.7 billion in 2006. Much of this funding has been allocated through the Global Environment Facility.
“GEF financing has had the greatest potential for market transformation of technologies and coal power rehabilitation projects, such as those in India and China, have become a funding priority,” the World Coal Institute said in its June edition of Ecoal.
The World Bank has also said it is willing to partner with the private sector on pilot integrated gasification combined cycle (IGCC) and carbon capture and storage technologies.
The bank will look at projects in the specific areas of power plant rehabilitation and efficiency upgrades, early retirement for inefficient plants, gas flaring reduction and methane release reduction.
