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KfW is the world's largest financier for renewables in developing countries
According to the Global Status Report just published by REN21, a renewable energy network based in Paris, KfW is now the world leader in the funding of renewables in developing countries. In 2008 KfW overtook even the World Bank, which had until then held first place.
The latest figures published by REN21 speak for themselves: on behalf of the German Government, in 2008 KfW committed a total of EUR 340 million for investment in renewable energies (not including large-scale hydropower). By contrast, in that same year the World Bank produced USD 280 million to fund renewables in developing countries (not including large-scale hydropower).
The renewable technologies covered by this support include wind parks, solar energy, biomass, hydropower plants and geothermal energy. Most of the funding delivered comes from the budget of the German Federal Ministry for Economic Cooperation and Development (BMZ) and is supplemented by KfW's own funds.
In addition, for the first time since 2008 additional funds have also been made available by the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU). Under the International Climate Initiative (ICI), KfW is acting as BMU's partner in delivering additional funds to developing countries hit by climate change. These funds are delivered in the form of low-interest loans and grants for investment in climate protection, especially in the fields of energy efficiency, renewable energies and adaptation measures.
20 May 2009
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