The World Bank is providing help to boost the share of renewable energy in developing and middle-income countries.
Its ‘Energy Sector Management Assistance Programme’ will help nations integrate solar and wind energy into their grids with the Clean Energy Ministerial (CEM), which is a global forum to share best practices and promote policies towards a clean energy economy.
The project will support them in developing a long-term grid planning programme, market design and renewable energy pricing.
It will also design rules of access to electricity grids, strengthen electricity dispatch and transport infrastructure.
Prices of solar and wind energy have dropped and become cost-competitive with coal and gas for electricity generation in some markets, the World Bank states.
It also said meeting a share of electricity demand through wind and solar requires expansion, modernisation of electricity grids and important changes to policies.
Anita Marangoly, Senior Director of the World Bank’s Energy and Extractives Global Practice said: “Technical assistance is critical for developing the policies, targeted investments and infrastructure that make the transition to renewable-friendly grids possible.
“The World Bank and the Clean Energy Ministerial can bring together technical expertise, country engagement and financing to help facilitate this transition.”