The U.K., France and Netherlands committed to investing a total of $370 million into energy storage, solar energy and clean cooking projects on Monday, as part of Climate Investment Funds and the World Bank's partnership on energy.
The U.K. is supporting energy storage and renewable energy solutions at scale with $250 million, with the aim of financing 17.5 gigawatt-hours of battery storage by 2025.
Additionally, the funding is expected to help middle-income and developing countries increase their use of renewables, particularly wind and solar power, improve energy security, increase grid stability and expand access to electricity.
The country's contribution supports the World Bank Group's goal of mobilizing $1 billion in concessional climate funds for a global program on energy storage, alongside its own commitment of $1 billion.
France and the Netherlands pledged $100 million to help provide support to countries in Sub-Saharan Africa as they scale up their off-grid and grid-connected solar energy programs.
The Netherlands also announced $20 million for the World Bank’s clean cooking fund, which is expected to help accelerate progress toward universal access to clean cooking by 2030.
"The Clean Cooking Fund will provide financial and technical support, primarily through results-based funding grants, to help countries incentivize the private sector to deliver modern cooking services," the bank said.
By Zeynep Beyza Kilic