Development banks worldwide lent a record $108.9 billion to renewable energy and energy-efficient technology last year as they scale back investment in coal-fired power plants, Bloomberg New Energy Finance said.
KfW Group was the biggest lender furnishing $34.4 billion in 2012 followed by China Development Bank Corp. with $26 billion, Bloomberg New Energy Finance said in a report today that used data from 26 institutions.
The state-backed lenders have boosted their financing of clean energy at an average rate of 25 percent over the last five years and that trend looks set to continue, the London-based researcher said.
“Since large development banks like the European Investment Bank and the World Bank Group have stated their intention to scale down or eliminate investment in coal-fired energy generation, we expect continued growth in clean energy investment,” according to the report. “In 2013, we expect growth between 15 and 30 percent.”
Development banks furnished $424.8 billion of clean energy finance between 2007 and 2012, according to the report. About half of that was disbursed in Europe, excluding Russia.
To contact the editor responsible for this story: Reed Landberg at email@example.com