New Delhi, 5 August 2022 (TDI): According to the World Bank, the Republic of India has achieved the fastest-growing rate of renewable electricity growth in any major economy in the world.

Indu Shekhar Chaturvedi, the Secretary of the Ministry of New and Renewable Energy of India said that the country took a proactive approach by providing incentives and risk-management instruments. This was done so that utilities could incorporate renewable energy sources without incurring economic losses.

Renewable energy sources can assist countries in mitigating climate change, building resilience to volatile price fluctuations, and lowering energy costs.

Demetrios Papathanasiou, Global Director for the World Bank’s Energy and Extractives Global Practice, added that economic and scientific organizations have urged leaders to develop policies that promote renewable energy.

The renewable policies would act as part of the critical global effort to combat climate change. Large-scale renewable energy projects not only reduce carbon emissions but also provide economic benefits to investors and governments.

World Bank Investment in Renewable Energy

The World Bank Group also says it is assisting Morocco, India, and other countries in developing renewable energy resources. The assistance of the World Bank enables countries to develop energy resources more cheaply and effectively through renewable energy projects.

Furthermore, the World Bank has invested more than $8 billion in clean energy, renewable energy access, and related infrastructure. The World Bank has sparked more than $20 billion in private investment in renewable energy generation.

In addition, World Bank financing for distributed renewable energy solutions has been increasing. This has mainly been in Sub-Saharan Africa with investments already exceeding $2 billion

In 2020, the public and private sectors invested over $300 billion in renewable energy. However, annual investments in clean energy must more than triple by 2030 to achieve net-zero emissions by 2050.

According to the World Bank, developing countries must build a pipeline of large-scale renewable infrastructure projects. This project will ensure a return on investment while keeping costs affordable for consumers, even the poorest.