World Bank gives US$15m energy grant to Argentina

by Richard Kilner

Story link: World Bank gives US$15m energy grant to Argentina

The Global Environment Facility’s proposed US$15m grant to bolster energy efficiency in Argentina has been given the green light by the World Bank.

The money will be utilised to lessen Argentina’s environmental impact by improving efficiency of energy supply, thereby lessening fuel consumption and the consequent effects upon the environment.

The measures involved in the project include phasing out older, less efficient lighting, spread information more effectively and create financial instruments aimed at promoting energy efficiency.

Pedro Alba, the World Bank’s country director for, amongst others, Argentina, has welcomed the money.

Alba went on to say that it would be used to remove obstacles in the financial, regulatory and information spheres that are currently limiting the drive for greater energy efficiency.

Of the Latin American nations, only Venezuela has a higher per capita energy consumption rate than Argentina.

In terms of raw energy usage, Argentina is the fourth highest user in the region, but (as of 2006) less than 0.1% of its energy supply is sourced from renewables.

The $15m grant will be expended over a six year period.