“Accelerating Battery Storage for Development” is a new, first-of-its-kind global program to accelerate the deployment of battery storage for energy systems in developing and middle-income countries. It is expected to help countries ramp up their use of renewable energy, increase grid stability and help them leapfrog to a new generation of energy technology.
The WBG is committing $1 billion in financing for the program, which was announced by WBG President Jim Yong Kim at the One Planet Summit in New York.. It also aims to fundraise $1 billion in concessional climate funds, through channels such as the Climate Investment Funds’ Clean Technology Fund (CTF), and mobilize at least another $3 billion from the public and private sectors. The goal is to finance 17.5 gigawatt hours (GWh) of battery storage by 2025 – more than triple the 4-5 GWh currently installed in all developing countries.