Oct. 22, 2007 The World Bank Groups commitments to finance renewable energy and energy efficiency projects were up 67% in fiscal year 2007 (ending June 30), according to figures released Saturday.

World Bank funding for renewable energy , wind, solar, biomass, geothermal, and hydropower , and energy efficiency projects, rose by two-thirds in the past year to $1.43 billion, from $860 million the previous year.

The World Bank has strengthened its investment support and technical assistance for low-carbon energy projects, said Jamal Saghir, director of the World Bank's department of Energy, Transport. This is reflected in the progress we made these last few years in expanding support for renewable energy and energy efficiency.

The World Bank has so far outperformed its 2004 pledge under the Bonn Commitment to increase funding of new renewable energy and energy efficiency projects by 20% a year. From July 2004 through June 2007, the World Bank Group has committed $1.8 billion for new projects, almost doubling its Bonn goal of $913 million for the same period.

Even so, environmental groups have criticized the World Bank for funneling a disproportionate amount of money to fossil fuel projects. One estimate pegs World Bank investment in fossil fuels at as much as $300 billion, according to Greenpeace.