Although Smart Grids (electric networks based on renewable energy) are going up in the US and Europe, the World Bank is only now investing in green energy technology with a program in Turkey.
At the end of May, the Bank announced it is investing $600 million in developing renewable sources such as biomass, hydro, wind and geothermal. Funding is being channeled through banks, which will loan cash to private entrepreneurs to give the market a boost.
Banks will also give loans to business that want to become more energy efficient. The Turkish program is the first project of the Bank’s Climate Technology Fund, which is bankrolled by several countries.
Turkey seems ripe for the occasion, with a budding eco-construction sector and recent pledges to save its coast from runaway development.
via Turkey Lands World Bank’s First Smart Grid | Green Prophet.
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