The European Bank for Reconstruction and Development (EBRD) and two partners will offer $250 million (€227.6 million) in debt and equity funding for renewables projects by private firm in Morocco, Egypt, Tunisia and Jordan.
When the full complex is complete, it will be the largest concentrated solar power (CSP) plant in the world , and the first phase, called Noor 1, will go live next month. The mirror technology it uses is less widespread and more expensive than the photovoltaic panels that are now familiar on roofs the world over, but it will have the advantage of being able to continue producing power even after the sun goes down.
NEW YORK — Before Congress Thursday, Pope Francis’s words on the environment were relatively conciliatory. He sought “dialogue” – a word the pontiff used 12 times. He did not even explicitly mention the word “climate change,” though he did call on Congress to help “avert the most serious effects of the environmental deterioration caused by human activity.” But speaking to the United Nations General Assembly Friday, Francis transformed into an international policy, law, and development wonk – and above all, the spirited author of “Laudato Si” (“Praised Be”), his stirring encyclical on the environment.
The Inter-American Development Bank today announced the goal of doubling the volume of its climate-related financing by 2020. In order to increase investments in adaptation, particularly for countries within the region that are most vulnerable to the impacts of climate change, the Bank also committed to screen all relevant projects for climate risks and resilience starting in 2018.
Since 2008 Climate Investment Funds (CIF) have been funding a quiet, billion-dollar revolution aimed at reducing carbon emissions and transforming the economies of countries across Africa, Asia and Latin America.
And with a number of events this week highlighting the urgency and importance of tackling climate change, Mafalda Duarte, Program Manager of the Climate Investment Funds says “the momentum is building on climate action.”
She said: "With the Pope bringing his message to the United States, Climate Week taking place in New York, and the United Nations adopting new goals for sustainable development, the momentum is building on climate action. Climate change affects us all but it’s hitting poor people first and worst. Climate change threatens to wipe out decades of development progress."
The CIF has been working with partners to support the expansion of investments in renewable energy technologies at an unprecedented rate to stimulate markets and increase energy access in 33 countries worldwide. Close to 60 percent of CIF funding—$4.8 billion—is focused on renewable energy development, especially geothermal and Concentrated Solar Power (CSP).
"A low-carbon economy can deliver more jobs, increase growth, and reduce climate impacts. And with our investments in renewable energy—from geothermal to Concentrated Solar Power — the CIF is demonstrating the power of well-placed concessional financing to stimulate climate action”, said Duarte:
Climate change is affecting poor countries disproportionately and in different ways – droughts can destroy a harvest, floods can wreck homes and schools, and extreme weather can have a devastating impact on countries’ economies. So building countries’ resilience to adapt to a changing climate is crucial, says Duarte:
"Attention must be given to managing current and future impacts of climate change to protect lives and livelihoods. With our investments in adaptation, the CIF is well-placed to share lessons on how to help communities and countries not just survive but thrive."
About the Climate Investment Funds
The Climate Investment Funds (CIF) is providing 72 developing and middle income countries with urgently needed resources to mitigate and manage the challenges of climate change and reduce their greenhouse gas emissions. The CIF allocates financing through four funding windows:
- The $5.3 billion Clean Technology Fund (CTF) provides middle-income countries with highly concessional resources to scale up the demonstration, deployment, and transfer of low carbon technologies in renewable energy, energy efficiency, and sustainable transport.
- The $785 million Forest Investment Program (FIP) supports efforts of developing countries to reduce deforestation and forest degradation and promote sustainable forest management that leads to emissions’ reductions and enhancement of forest carbon stocks (REDD+).
- The $1.2 billion Pilot Program for Climate Resilience (PPCR) is helping developing countries integrate climate resilience into development planning and offers additional funding to support public and private sector investments for implementation.
- The $796 million Scaling Up Renewable Energy in Low Income Countries Program (SREP)is helping to deploy renewable energy solutions for increased energy access and economic growth in the world’s poorest countries.
About Mafalda Duarte
Mafalda Duarte is the Manager of the $8.1 billion Climate Investment Funds (CIF). She has over 15 years of work experience and in-depth knowledge in development and climate change. She has been responsible for the design and implementation of several funding mechanisms and new thematic programs. She holds degrees in international relations, economic policy management and climate change.
CONTACT: Martin Hall: +1 202 4585540 / email@example.com
As world leaders come together at the UN General Assembly to adopt new sustainable development goals, climate change activists gear up for Climate Week in New York City and the Pope brings his message to the United Nations, a shared vision of our future is coming into clear focus. If we are to eradicate poverty, we need to tackle climate change. And since 2008, the $8.1 billion Climate Investment Funds (CIF) has been showing it is possible for countries to pursue sustainable development in a way that does just that.
In Thailand, increased energy and electricity consumption is helping lift its population out of poverty but has also caused greenhouse gas emissions to grow by almost 70% from 2000 to 2010. But Thailand is on the verge of a solar energy transformation as private companies have committed to investing at least USD 2 billion over the next five years in solar power production. The woman leading the country down a cleaner path is Wandee Khunchornyakong, who runs Solar Power Company Group, the largest solar power generation company in Thailand
70 financial institutions – ranging from regional and microfinance institutions to national and global banks – from over 20 countries have vowed to step up financing for energy efficiency investments and develop business strategies that save energy and reduce carbon emissions. They made their pledge at a two-day conference, “Building a Global Energy Efficiency Financing Alliance”, held by the EBRD jointly with the UNEP FI in the run up to the G20 summit and COP21 climate talks in Paris, with the support from Turkey’s Garanti Bank, the CIF and MWH Global, a water and natural resources firm.
In recent years, the South African electricity sector, once operationally efficient, ran into major capacity constraints. As a result, power rationing and other measures instituted to prevent the electricity system from collapsing affected the entire economy, especially the country's mining industry, leading to shutdowns of some of the largest mining operations, putting thousands of jobs at risk.
The EBRD’s engagement in support of sustainable energy has passed a new milestone: for the first time the Bank’s investments in renewables overtook those for thermal power generation. This illustrates the EBRD’s commitment to both types of energy generation in order to strengthen sustainable energy. Between 2006 and the end of 2014, the EBRD invested €16.4 billion in sustainable energy and climate change projects under the framework of the Sustainable Energy Initiative. Financing for renewable energy generation represented roughly 23 per cent or approximately €4 billion.