World Bank to fund solar projects

Nine News ^ | December 10, 2009

[myknowledge]

The World Bank announced on Wednesday $US5.5 billion ($A6 billion) would be invested in solar energy projects in five countries of the Middle East and North Africa in a bid to combat climate change.

The Washington-based bank's Clean Technology Fund approved financing of $US750 million ($A824 million) on December 2 to boost the use of concentrated solar power, an advanced technology that concentrates sunlight to harness energy.

The fund's financing "will mobilise an additional 4.85 billion dollars from other sources, to accelerate global deployment of Concentrated Solar Power (CSP)," the development lender said in a statement.

The Clean Technology fund will invest in the CSP programs of five countries in the Middle East and North Africa: Algeria, Egypt, Jordan, Morocco and Tunisia.

"The proposed gigawatt-scale deployment through 11 commercial-scale power plants over a three- to five-year time-frame would provide the critical mass of investments necessary to attract significant private sector interest, benefit from economies of scale to reduce cost, result in learning in diverse operating conditions, and manage risk," the 186-nation bank said.

The Clean Technology Fund, a multidonor trust fund to facilitate deployment of low-carbon technologies "at scale," approved an investment plan that will produce "about one gigawatt" of CSP generation capacity, amounting to a tripling of worldwide CSP capacity, the World Bank said.

[myknowledge]

Building solar panels like these, yeah, that's really helping the environment.

[Pan_Yan]

... an investment plan that will produce "about one gigawatt" of CSP generation capacity, amounting to a tripling of worldwide CSP capacity, the World Bank said.

Or about the output of the nuclear reactors on one Nimitz class aircraft carrier. It can be repeated ad nausium. If this stuff was cost effective it wouldn't need government investment.

[pallis]

Libtards are trying to get people excited about becoming part of the Third World. Stick some solar panels on your house, run a few light bulbs.

[Pan_Yan]

If you want to see "green" energy done the right way look at this one:

Malawian boy uses wind to power hope, electrify village

[Drango]

Solar energy is sexy but it’s a waste of money compared to carbon based energy.

[truthguy]

Solar Energy is money down a rat hole. If Solar Energy really worked, the government would not have to subsidize it. It would pay for itself. The same is true with Wind Power. Wind is a little more feasible than Sun but the maintenance cost of keeping windmills running is huge resulting in costly power.

[Kansas58]

Solar Power financing = “sub-prime” debt!