We shall know our prophets by their fruits, and the same is true for World Bank presidents. The first term of President Jim Kim is coming to an end, the Bank’s Executive Directors will decide about his re-election in the coming weeks. In the energy sector, the president’s harvest has been meager indeed.
Jim Kim’s first term coincided with the global breakthrough of wind and solar power. From 2011 to 2015, these technologies accounted for two thirds of all the renewable energy capacity added throughout the world. In 2015, the added wind and solar power capacity for the first time outpaced all other sources of electricity – including fossil fuels and hydropower – combined.
Wind and solar power have not only become cheap and ubiquitous. They can also be deployed quickly, have a low social and environmental footprint, and are effective at reducing energy poverty in rural Africa and South Asia. In other words, wind and solar power are ideal investment opportunities for a development bank.
When Jim Kim took over at the World Bank, he knew that he had to shift his institution out of climate destroying fossil fuels. Yet the new President didn’t have the courage and foresight to prioritize emerging renewable energies. Instead, he personally championed the return of his institution to the mega-dam projects which had been popular in the 1960s and 70s. Continue reading