World Bank to give away green tech billions

Greenbang has always wondered about the World Bank. I mean, for something that claims “world” in its title, you never see any cash points about do you? Or branches. And the World Bank has never offered Greenbang a low rate on her credit card.

Still it turns out that World Bank is no stranger to giving out money, Reuters says, and is planning to distribute billions and billions to developing countries to help them use tech to cut pollution and be more energy-efficient.

“The fund will support publicly and privately financed projects that deploy technologies that can cut emissions, increase efficiency and save energy…(in) developing countries,” the U.S., British and Japanese finance ministers said in the Financial Times on Friday.

The World Bank clean technology fund would receive some of the $2 billion in climate funds U.S. President George W. Bush announced last month, and part of the 800 million pounds ($1.56 billion) Britain pledged to “environmental transformation” last year, Henry Paulson, Alistair Darling and Fukushiro Nukaga said.

So does this mean more money for green tech or just a body volunteering to distribute what we’ve already got?