World Bank vows to raise lending for renewable energy

0 Comments | AFP, June, 2004

BONN (AFP) — The World Bank said that it would increase the amount of money it lent for renewable energy projects by 20 percent every year for the next five years.

At a renewable energy conference in Bonn, officials said its strategy was designed to ensure that alternative energy sources were seen as economically viable.

"We are convinced more than ever that the transition to a cleaner energy future will be won project by project, village by village and nation by nation," World Bank Group managing director Peter Woicke said in a statement here.

He said the increased lending would effectively double the Bank's current pace of roughly 200 million dollars per year by 2010.

The move still needs the approval of the Bank's board of directors.

The...