A sure path to renewable energy: maximizing socioeconomic benefits triggered by renewables
Achieving global goals for access to energy and mitigation of climate change will require a quadrupling of present levels of solar photovoltaic, nine times current wind power generation and a doubling of the geothermal power generation in the developing world by 2025. To reach this objective, large amounts of private funding will have to be unlocked to complement the limited public financing available. Yet most developing countries still lack a pipeline of bankable renewable energy (RE) projects for consideration by the private sector. To address these challenges, the World Bank and the Energy Sector Management Assistance Program—in partnership with the Agence Française de Développement, International Renewable Energy Agency, International Solar Alliance, and Sustainable Energy for All—developed the Sustainable Renewables Risk Mitigation Initiative (SRMI). SRMI aims to support countries in developing sustainable and bankable RE programs, attracting private investment, and reducing reliance on public finances while maximizing associated benefits to the societies and economies of developing countries.