The World Bank
Summary
Energy transition in developing countries will require an unprecedented transformation of the power sector infrastructure, with scaling up of energy efficiency and renewable energy as well as a phasing down of coal-fired power generation. The new framework for this energy transition proposed by the World Bank, titled “Scaling Up to Phase Down”, serves as a roadmap to identify financing challenges and develop a comprehensive financing approach.
“Accelerating the energy transition toward lower carbon sources while providing reliable access to electricity for businesses and people will require verifiable emission reduction financing, close partnership with the private sector, and significantly higher funding, especially concessional resources,” said World Bank Group President David Malpass. “The World Bank Group is supporting reforms to strengthen the energy sector and business environment, investments in new capacity and energy efficiency, grid upgrades to absorb intermittent renewables, and funding and technical support to address the social challenges of the transition.”
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