FOR IMMEDIATE RELEASE – November 11th 2015
CONTACT: Martin Hall: +1 202 4585540 / firstname.lastname@example.org
Bangladesh and the Climate Investment Funds are today celebrating the endorsement of that country’s renewable energy investment plans under the CIF’S dedicated fund for Scaling Up Renewable Energy in Low Income Countries Program. (SREP)
SREP funding of $75 million (USD) will focus on grid-connected renewable energy and will include 200 megawatts in utility-scale solar photovoltaic (PV) and grid-connected rooftop solar PV; as well as mini and off-grid solar solutions and advisory support for municipal waste-to-energy projects.
Bangladesh wants to increase electricity access, enhance energy security, reduce poverty and mitigate climate change.
Senior SREP Coordinator Zhihong Zhang says: “SREP funding is expected to mobilize an additional $650 million (USD) in investments to scale up renewable energy development in Bangladesh.”
“These investments have the potential to transform the country’s grid-electricity generation from polluting fossil fuels to clean renewable energy, and provide affordable modern energy to poor households and agricultural areas.”
“Successful projects developed using SREP funds will demonstrate the potential for scaling up projects- and attract other investors to the market,” he added.
Siddique Zobair, Bangladesh’s Joint Secretary of Sustainable and Renewable Energy Development
says, “As one of the world’s most climate-vulnerable countries, we recognize the crucial role renewable energy must play in a low-carbon future.”
“This intervention will positively impact on and help ensure the energy security of Bangladesh,” he added, “Renewable energy is one of the options through which we can take care of the electricity needs of poor communities in rural areas.”
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 $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.
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.
About Zhihong Zhang
Zhihong Zhang is Senior Program Coordinator at the Climate Investment Funds Administrative Unit, overseeing the Clean Technology Fund and the Program for Scaling up Renewable Energy in Low Income Countries.