U.S. pledges $85 million to kick-start clean energy in developing nations

The fourth area is support for the World Bank’s “Scaling-up Renewable Energy Program” to help underwrite capital costs and provide technical aid for renewable energy programs in developing nations.

The World Bank effort will receive $50 million from the U.S., to be combined with $200 million the U.K., Netherlands, Norway and Switzerland had already pledged, according to the Energy Department.

These $200 million in pledges were contingent upon securing another $50 million, which the U.S. has now committed, and now the whole “scaling up” program under the World Bank’s “strategic climate fund” can launch, the department said.

The U.S. is working with various nations on clean energy programs under the umbrella of the ‘Major Economies Forum” that was launched earlier this year. It includes the European Union, U.S., Brazil, China, India, and 13 other countries.

The MEF countries on Monday released 10 “action plans” on steps nations can take to deploy technologies like carbon capture and storage, advanced vehicles, wind power and several other areas.