The funds will be focused on projects in the area stretching from West Africa to East Asia, the bank said in an e-mailed statement on Jan. 18. The commitment was calculated from internal research which identified a funding gap of $48 trillion over the next 20 years to meet global energy demand.
“We believe that even in the current climate of low oil prices, the transition towards more renewable sources in the energy mix will continue because the underlying drivers are long term and strong,” said Chief Executive Officer Alex Thursby.
The United Arab Emirates generates almost all of its power from oil and gas, according to data from Bloomberg New Energy Finance. The country has announced ambitious plans for renewables. Dubai said in November that it plans to source 25 percent of its power from solar plants by 2030.
©2016 Bloomberg News
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