The World Bank, Canada, and the United Kingdom today announced financial, technical and advisory support for developing countries that have decided to transition away from coal and accelerate the uptake of cleaner sources of energy.
The Canadian government pledged up to CAD $275 million to fund the Energy Transition and Coal Phase-Out Program. This funding will help developing countries in Asia to slow coal production, while scaling up energy efficiency and low-carbon energy alternatives.
At the same time, the UK government pledged £20 million to the World Bank’s Energy Sector Management Assistance Program (ESMAP), a global knowledge and technical assistance program administered by the World Bank to help low- and middle-income countries implement environmentally sustainable energy solutions.
Both these programs will support the deployment of solar and battery storage, geothermal and offshore wind development, coal plant closure, and improvement in energy efficiency, particularly in buildings and cooling.
