A funding measure unveiled by Denmark at the U.N. climate talks in Mexico helps developing island nations increase access to renewable energy resources and diminishes their vulnerability to global energy shocks.
"(Island nations) are leaders in taking actions on adaptation and the World Bank Group has increased support to them for this purpose," said World Bank President Robert Zoellick in a statement. "This new initiative extends this support to clean energy, which will contribute to mitigation and also help reduce the islands states' very high import bills for fuel."
The government of Denmark pledged $14.5 million to help island nations transition to a low-carbon economy. Most island nations, the World Bank said, spend as much as half of their gross domestic product on importing oil.
"In countries with the possibilities of renewable energy sources, overall development is undermined if governments are spending so much on imported fossil fuels," said Zoellick.
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