Although Smart Grids (electric networks based on renewable energy) are going up in the US and Europe, the World Bank is only now investing in green energy technology with a program in Turkey.
At the end of May, the Bank announced it is investing $600 million in developing renewable sources such as biomass, hydro, wind and geothermal. Funding is being channeled through banks, which will loan cash to private entrepreneurs to give the market a boost.
Banks will also give loans to business that want to become more energy efficient. The Turkish program is the first project of the Bank’s Climate Technology Fund, which is bankrolled by several countries.
And it needs it; according to the World Bank, Turkey’s greenhouse gas emissions are growing at some of the highest rates in the world. The energy sector contributes 77 percent of these emissions. For a user-friendly slideshow of Turkey’s energy plans, visit here.
In an interview published at the Earth2Tech blog, World Bank Vice President for Sustainable Development Kathy Sierra said that Turkey is “one of the leaders among developing countries creating clean power and energy efficiency projects, and said Turkey is acting aggressively on climate change in order to help it meet requirements to join the European Union.”
(Photos from World Bank)