Green energy funding boost for developing countries
Renewables and energy efficiency projects in the developing world are to receive a 3 million euro funding boost through the REEEP partnership, which announced its largest project call yet this week.
The money will go to financial and policy initiatives designed to encourage investment in renewable and energy efficiency in the three priority areas – China, India and Brazil – as well as other developing countries and emerging economies.
The international Renewable Energy and Energy Efficiency Partnership (REEEP) called on countries and institutions to propose improvements to legal or financial systems that would create a more favourable environment for the development of sustainable energy.
“We can now fund larger and longer term projects and in addition to our bottom-up approach, the targeted approach will help to strategically accelerate key markets for renewable energy and energy efficiency,” said Dr. Marianne Osterkorn, REEEP’s international director.
The new funding stream was created through the combined efforts of Ireland, Italy, New Zealand, Norway and UK governments. Ireland and Italy will focus on Africa as they have previously, New Zealand on small Pacific island states, while funding from the UK and Norway will combine to fund larger investments.
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