The World Bank strongly supports offshore wind power projects in developing countries
The World Bank said last week that the financial institution will support the assessment of offshore wind power potential in developing countries with a new $5 million （4.4 million euros） plan.
The UK government has provided a 20 million （23 million euros / $26 million） grant to the World Bank's Energy Sector Management Assistance Program （ESMAP）, making it possible to launch this new initiative. The grant will help low- and middle-income countries implement sustainable energy solutions.
The World Bank said that the International Finance Corporation （IFC） and ESMAP will work with the Global Wind Energy Council （GWEC） to provide technical assistance to enable developing countries to enrich their investment-sourced project channels and promote the adoption of offshore wind energy technologies.
Some developing country governments, commercial wind energy developers and experts will cooperate on this project.
The World Bank estimates that by the year 2030, approximately $500 billion will be invested in offshore wind projects. At present, the offshore wind energy industry brings about $26 billion in annual investment.
According to the World Bank, countries with untapped offshore wind energy resources such as Brazil, Indonesia, India, the Philippines, South Africa, Sri Lanka and Vietnam may benefit from these investments.