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World Bank helps developing countries’ wind spurt
(Eco Business, 2 Dec 2020) Wind power is the cheapest way to produce electricity, but some are not persuaded. The World Bank is out to change minds.
Europe and the United States now accept onshore wind power as the cheapest way to generate electricity. But this novel technology still needs subsidising before some developing countries will embrace it. Enter the World Bank.
A total of US$80 billion in subsidies from the Bank has gone over 25 years to 565 developing world onshore wind projects, to persuade governments to invest in renewables rather than rely on fossil fuels.
Central and Latin American countries have received the lion’s share of this investment, but the Asia Pacific region and Eastern Europe have also seen dozens of Bank-funded developments. Now the fastest-growing market is in Africa and the Middle East.
But while continuing to campaign for more onshore wind farms, the World Bank in 2019 started encouraging target countries to embrace offshore wind as well. This uses two approaches: turbines in shallow water, which are fixed to the seabed, and also a newer technology, involving floating turbines anchored by cables at greater depth.
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