The World Bank has reversed its decade-long stance against financing large hydroelectric dams, recently endorsing the Rogun Dam in Tajikistan and potentially backing other large projects. Critics express concerns about the environmental and social costs, especially as cheaper renewable technologies like solar and wind emerge. This renewed focus has raised questions about the sustainability and wisdom of resuming such extensive dam projects.
The World Bank has made a significant policy shift by re-engaging with financing large hydroelectric dams after a decade of favoring smaller projects. Historically, the World Bank was a predominant supporter of large dams, but a growing consensus among critics regarding their social and environmental costs had limited its involvement. Recently, the Bank initiated financing for the Rogun Dam in Tajikistan, a $6.3 billion project, projected to be the world’s tallest dam once completed. This marks a renewed interest in large hydropower initiatives, including negotiations for the Grand Inga project in the Democratic Republic of Congo and other major projects in Nepal. Experts assert that while hydropower can provide critical renewable energy, significant concerns about the environmental and social repercussions remain, as well as uncertainties regarding the financial viability of these large-scale dams in light of advancing technologies in solar and wind energy.
The World Bank’s approach to hydroelectric dams has historically fluctuated, swinging from enthusiastic support to reevaluation due to adverse social and environmental impacts. The institution’s earlier robust backing of large dams faced scrutiny and led to a significant reduction in funding as critics raised substantial concerns. In recent years, however, the World Bank has begun to support projects at a scale reminiscent of earlier decades, demonstrating a potential shift in prioritization towards fostering large hydroelectric developments in response to increasing energy needs, particularly in regions with substantial energy deficits.
In conclusion, the World Bank’s reinvestment in substantial hydroelectric projects like the Rogun and Grand Inga dams indicates a potential paradigm shift back to large-scale energy solutions. However, this return raises critical questions about the environmental, social, and economic ramifications of such investments. As the debate over the efficacy and sustainability of these mega dams unfolds, the World Bank’s stance will be pivotal in shaping future energy strategies globally. Striking a balance between renewable energy generation and ecological conservation will be essential in the ongoing dialogue surrounding hydropower development.
Original Source: e360.yale.edu
