24 November 2014: The World Bank has launched a ‘Readiness for Investment in Sustainable Energy’ (RISE) pilot tool to provide information for countries on policy and regulatory frameworks necessary for sending the right signals to the private sector on sustainable energy readiness. The web-based RISE aims to support adaptation and customization of policy measures and comparisons among countries, including with best performers, to enable developed and developing countries advance their sustainable energy goals.

RISE is a set of 28 indicators assessing the legal and regulatory environment for investment in sustainable energy. Indicators measure fossil fuel subsidies, carbon pricing mechanisms, utility performance and retail prices of electricity. The tool is aimed at policy makers and supports the achievement of the objectives of the UN Secretary-General’s Sustainable Energy for All (SE4ALL) initiative by tracking energy access, energy efficiency and renewable energy.

The tool uses a “traffic light” system of colors to indicate country performance. According to the World Bank, the aggregate result for most countries included in the pilot was yellow, which suggests that “while most countries are on the right track, they still have a significant way to go to create an attractive investment climate for sustainable energy, underscoring the need for RISE as a tool to track progress for coming years.”

The November 2014 launch of the RISE pilot tool precedes the first global launch of the tool, which is expected to take place in 2015. Once launched, the tool will be updated regularly, with an aspiration to continue the exercise until 2030.

Prior to its launch, the tool was tested in 17 developed and developing countries. In the next phase, the tool will be extended to approximately 100 countries.

The World Bank Energy Sector Management Assistance Program (ESMAP), the International Renewable Energy Agency (IRENA), the Climate Investment Funds’ Scaling Up Renewable Energy in Low Income Countries Program (SREP) and the US Agency for International Development (USAID) support RISE. [World Bank Press Release] [World Bank RISE Website]