World Bank's Green Energy Funding up 87 percent

According to Reuters, the World Bank’s funding for efficient and renewable energy rose nearly 87% this year to nearly $2.7 billion. Funding in fiscal 2008, ending June 30, was nearly double the previous year's $1.4 billion, which in turn was 67% higher than in fiscal 2006.

Rising traditional energy prices has made alternative energy, such as wind power, more attractive and affordable in the developing world.

Commitments for this year, including carbon finance operations and support from the Global Environment Facility, consisted of the following:

-- $1.1 billion for energy efficiency;

-- $476 million for new renewable energy projects including wind, solar, biomass, geothermal and hydropower projects that will generate up to 10 megawatts per facility;

-- $1 billion for hydropower projects with capacities of more than 10 megawatts per facility.