The World Bank and the International Finance Corporation (IFC) have launched a $5m programme to fast-track take-up of offshore wind energy in developing countries.

The finance, taken from banking group’s Energy Sector Management Assistance Programme, will go toward helping emerging markets with “strong offshore wind resources”, such as Brazil, Indonesia, India, the Philippines, South Africa, Sri Lanka, and Vietnam, to assess their potential and provide technical assistance to develop an investment-ready pipeline of projects.

“Offshore wind is a clean, reliable and secure source of energy with massive potential to transform the energy mix in countries that have great wind resources.