A research study conducted by the World Bank to determine the potential for reducing carbon dioxide emissions from coal-fired plants in India, China and Russia, the world`s major producers of carbon dioxide emissions, has revealed that renewable energy technology may be able to replace fossil fuels quicker than previously believed as higher energy prices make them more attractive. The World Bank is one of the world`s biggest endorsers of renewable energy use. While hydropower is top on its list, funding for other alternative energy projects like windpower is also very high at US $ 9bn. The bank has also proposed a venture capital fund be set up to fund R&D for low carbon energy technologies. World Bank Energy Economist Gary Stuggins revealed that windpower has already become very economically viable, and given the political will to do it, renewable energy can make a substantial difference. The Chinese example demonstrates the advances made in this field, in partnership with the World Bank. The China Renewable Energy Development Project provides grants to companies that produce solar cells known as photovoltaics (PVs). Another project in China focuses on increasing the efficiency of coal-fired plants by as much as 50 percent.

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