Innovation is transforming the energy sector. It’s what makes renewables ever more efficient, cost-effective, and scalable.
It’s what gives us a viable path forward to meet soaring energy demand. And it’s what enables reduced reliance on fossil fuels to counteract the dangerous effects of climate change. Innovation in the sector—along with continuous cycles of improvement—represents the real possibility of a greener, more inclusive, and equitable future for all, already yielding remarkable progress in addressing one of the world’s great development challenges—universal access to clean and affordable electricity.
IFC is a leader in advancing energy innovation, supporting, and accelerating introduction of new technologies in developing countries.
Wind and solar energy are variable by nature. The ability to store generated energy ensures consistent and reliable power delivery, even when the wind is not blowing or the sun is not shining. Working closely with the World Bank, IFC is building the market for private-sector sponsored battery-powered storage projects. We are supporting the rapid commercialization of storage in emerging markets by developing bankable project plans, customized to suit individual country contexts, and, mobilizing financing, including blended finance.
Floating Solar Photovoltaic
Typically solar panels are mounted on rooftops or as part of solar farms. But they can also be mounted on platforms that float on bodies of water, such as reservoirs, lakes, or even seas and oceans. Floating solar photovoltaic provides significant benefits, including a solution to land scarcity. IFC is evaluating various opportunities to support the development and financing of floating solar projects.
The price of offshore wind has dropped dramatically in recent years. It’s a positive development that’s due to a combination of factors: technological advancement, economies of scale, maturation of supply chains, better procurement strategies, and the efforts of large and sophisticated project developers. Offshore wind offers tremendous potential, particularly in developing countries, given the ability to locate it close to demand centers, without the need to take up scarce land. IFC, in partnership with ESMAP, has launched an offshore wind program to fast-track the adoption of offshore wind in developing countries.
An Energy Revolution is Happening
Countries are pushing forward in the global effort to fight climate change, and are using more clean energy than ever before. The World Bank Group and ESMAP are at the forefront of this exciting change.