The World Bank board of directors on Wednesday approved $265 million in financing ​to support construction of a new pumped hydropower storage ‌plant in Morocco, two days after abandoning a goal to devote 45% of its lending resources to climate-related projects.

• The Ifahsa Pumped Hydropower Storage Project in northern Morocco ​will serve as a giant rechargeable battery for the national ​electricity grid, pumping water to an upper reservoir during ⁠periods of high solar and wind energy production, the World Bank ​said in a statement.
• The water will then be released through turbines to ​generate electricity at times of peak demand, strengthening the reliability and resilience of Morocco’s electricity system by providing flexible storage.
• The approval comes after the World Bank ​Group on Monday said it would "retire" its goal to devote 45% ​of its lending resources to projects with climate benefits after pressure to do ‌so ⁠from the Trump administration.
• But the development lender said it would renew its Climate Change Action Plan without specific lending input targets to meet client country demand for such projects. Its Independent Evaluation Group will ​conduct a review ​of the CCAP.
• The ⁠300-megawatt Ifahsa facility will enable Morocco to integrate at least 1 gigawatt of additional solar and wind ​energy into its national grid, helping unlock around $1 billion ​in private investment.
• The bank said this would replace approximately 3 terawatt-hours of electricity currently generated from fossil fuels each year — avoiding an estimated 1.7 million ⁠tons of carbon dioxide emissions annually.
• The World Bank ​said the project will generate 820 direct jobs annually during construction and additional employment ​opportunities across the energy sector.