This evaluation offers the Independent Evaluation Group’s first systematic assessment of the World Bank Group’s support for renewable energy.
Renewable energy has a critical role to play in the Clean Energy Transition, the pathway for decarbonizing global energy which is essential to foster inclusive and sustainable growth while addressing climate change.
The share of Renewable Energy in global power generation will need to double by 2030 (from over 25% in 2017) to meet Clean Energy Transition targets. Over 70% of the required Renewable Energy scale-up is forecast to take place in developing and emerging economies.
The Bank Group’s renewable energy portfolio has scaled up significantly since 2012, plateauing recently at $22 billion. While the Bank Group’s financial commitments are a fraction of total global renewable investments, it is the single largest global contributor to renewable energy in developing countries and can contribute to the Clean Energy Transition by helping clients address key barriers through its investments and policy advice.