The bank aims to create $5 billion in financing for developing countries.
The World Bank has committed $4 billion in financing for energy storage investments in developing and middle-income countries.
According to a statement made by the bank today, the program aims to increase energy security, improve grid stability and increase access to electricity in these countries, with a focus on wind and solar energy.
The program aims to increase the total storage capacity in these countries, which currently stands at 4-5 Gigawatt-hours (GWh), to 17.5 GWh within three years.
The bank will provide $1 billion of the fund directly from its own resources, and the remaining $4 billion is expected to come from public and private sector sources.
The program also aims to create a global think tank that brings together national laboratories, research institutes, development agencies, and philanthropists to enhance international technological cooperation.