Expansion of Morocco's Largest Solar Complex to Provide 1.1 Million Moroccans with Clean Energy
In the News | Nov 03 2014
Concentrated solar panel

The World Bank Group’s Board of Executive Directors approved today a US$519 million project to support Morocco’s ongoing efforts to reduce its dependency on fossil fuels by developing its renewable energy resources. The project will back the government’s strategy of harnessing power from the sun through the use of concentrated solar power technology.
 
Morocco is the Middle East’s largest energy importer, and depends on fossil fuel imports to generate over 97 percent of its energy. The Noor-Ouarzazate Concentrated Solar Power Project will support the Moroccan Agency for Solar Energy to finance the expansion of Morocco’s first utility-scale solar energy complex, helping increase its capacity and output, especially during peak hours
 
“Morocco stands at the forefront of climate-friendly policies in the region,” said Inger Andersen, World Bank Regional Vice President for the Middle East and North Africa. “The country is well-positioned to benefit from its head-start at a time when other regional powers are beginning to think more seriously about their own renewable energy programs.
 
An initial 160 megawatt phase of the project, approved by the Bank in 2011, is currently under construction. The new project will finance the second 350 megawatt phase, and include the installation of solar parabolic troughs and a solar energy tower. This project will be funded through US$400 million from the Bank and US$119 million from the Bank administered Clean Technology Fund.
 
With its bold investment in green energy, Morocco is also setting a global example for the kinds of actions called for at this year’s United Nations Climate Summit. The expanded solar plant is expected to reduce carbon emissions by 700,000 tons per year. While delivering these environmental benefits,  this project will also contribute to  energy security, job creation, and energy exports
 
“Apart from creating jobs, the construction of the plant and the development of Morocco’s Solar Plan will establish a future source of reliable green energy,” said Simon Gray, World Bank Country Director for the Maghreb.  “The Noor-Ouarzazate Solar Complex alone will supply power to 1.1 million Moroccans by 2018.”
 
Other contributors toward the project are the African Development Bank, European Investment Bank, l’Agence Française de Développement, Kreditanstalt fuer Wiederaufbau, and the European Commission
 
The World Bank currently has a portfolio of 22 projects in Morocco, amounting to a committed financing of US$2.44 billion, providing a diverse range of support in areas such as private sector, financial sector and governance reform, green growth and promotion of renewable energy, access to basic services such as rural roads, water, sanitation, the reduction of vulnerability and social exclusion, and improvements in agriculture and solid waste management. Since 2011, the World Bank’s private sector arm, the International Finance Corporation, has stepped up its engagement in Morocco and has invested US$590 million to support private sector development in the country.

World Bank Morocco country page and project video 

Mapping the Global Frontiers for Clean Energy Investment
In the News | Nov 03 2014

The Climatescope is a unique country-by-country assessment, interactive report and index that evaluates the investment climate for climate-related investment in 55 countries worldwide.  It evaluates their ability to attract capital for low-carbon energy sources while building a greener economy. The Climatescope is a snapshot of where clean energy policy and finance stand today, and a guide to where clean energy can go tomorrow.

EBRD: Joining Forces to Accelerate Climate Investments
In the News | Sep 24 2014

Addressing the challenges of climate change requires cooperation, collaboration, and commitment. The EBRD has responded to calls to finance clean energy projects through its own investments and by participating in the implementation of multi-donor funds.

World Bank Group President Jim Yong Kim to visit India
In the News | Jul 20 2014

WBG President Jim Yong Kim arrives in New Delhi tomorrow on a three-day visit to the country as it builds new momentum toward higher growth, which is required to lift its millions out of poverty.

EBRD and CTF will invest in warmer homes for people in Kyzylorda
| Jun 05 2014

The European Bank for Reconstruction and Development (EBRD) and Kyzylordateploelektrocentr, the municipal heat and electricity provider in Kyzylorda, have agreed to support the programme of modernisation of the district heating system in the city. The programme will be supported by the Clean Technology Fund (CTF) administered by EBRD under the district heating sector modernization framework.

 
The EBRD’s Director for Kazakhstan, Mrs Janet Heckman, and the Akim of Kyzylorda Oblast, Mr Kusherbaev K.E., signed a pre-financing agreement today in Kyzylorda, during the III Investment Forum “Baykonur”. The agreement sets a formal basis between the two parties to consider supporting a project.
 
Janet Heckman said: “This modernisation programme is essential for the many people of Kyzylorda who will get more reliable heating thanks to individual heating substations in many buildings. We are pleased with our cooperation with the municipal authorities of Kyzylorda and look forward to working together to improve people’s lives”.
 
Mr Kusherbaev said: “We are very pleased with the high level of cooperation with EBRD. We see this Project as an important lead to improve the City residents’ lives quality as well as a tool to ensure sustainable development of the district heating company in future”.
 
The EBRD and CTF are considering a total loan of up to 4.3 billion Kazakh tenge (equivalent to US$ 23.5 million) to Kyzylordateploelektrocentr, a municipal heat and electricity supply service provider.
 
The modernisation programme will make heating stations, transmission and distribution networks more energy efficient and as a result cut harmful emissions into the atmosphere. It will also install individual heating substations to increase the efficiency and reliability of the system at the buildings level.
 
Originally posted on April 17, 2014 on EBRD website
EBRD acts on adaptation to climate change
In the News | Apr 03 2014

The EBRD continues to boost international partnerships supporting adaptation, with its recent accreditation as an implementing entity of the Adaptation Fund. The Fund was established under the auspices of the United Nations Framework Convention on Climate Change to promote effective adaptation projects in developing economies. The accreditation is particularly timely; in a new report, the Intergovernmental Panel on Climate Change (IPPC) has issued its starkest warning yet of the severe challenges faced by countries worldwide as they adapt to a changing and more variable climate.

Big energy efficiency improvements for Kazakh railways, KTZ
In the News | Dec 13 2013

EBRD provides US$ 40 million for energy-efficient and renewable technology in lighting and heating: The European Bank for Reconstruction and Development (EBRD) is supporting Kazakhstan Temir Zholy (KTZ), the national railways company, in its drive to radically improve energy efficiency across its operations.

UNFCCC recognizes Ecocasa Program in Mexico as a global example in the fight against climate change
In the News | Nov 27 2013

ECOCASA Program in Mexico, another Clean Technology Fund program by Inter-American Development Bank (IDB) was also awarded as a "Lighthouse Activity" by the United Nations Framework Convention on Climate Change. This IDB program provides support for construction of more than 27,000 efficient homes that will include technologies that will reduce GHG emissions by at least 20% compared to conventional homes.  

IFC Philippines’ Sustainable Energy Finance Program Wins UN Award for Climate-Change Innovations
In the News | Nov 25 2013

The International Finance Corporation's (IFC) Sustainable Energy Finance Program in the Philippines, under the Clean Technology Fund, received the Lighthouse Activities Award last November 13, 2013. This award is under the Momentum for Change initiative of the United Nations Framwork Convention on Climate Change which aims to strengthen motivation, spur innovation and catalyse further change towards a low-emission, high resilienct future. The IFC Philippines program has generated more than PHP16 billion worth of clean-enery investment since 2008 and has cut emission by 1 million metric tons a year.   

EBRD considers financing first major wind farm in Kazakhstan
In the News | Nov 14 2013

EBRD First Vice President Phil Bennett has reaffirmed the Bank's support for the National Green Growth Plan announced by the government of Kazakhstan during his first visit to Kazakhstan for the Bank.

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