Nov 26 2010
Twenty countries from all over the world have decided to invest in renewable energy such as geothermal, wind and solar energy through Climate Investment Funds (CIF). The Clean Technology Fund (CTF) Commission, which was formed under the auspices of CIF, hails the proposed investments.
According to a recent operational report from CTF, an estimated investment of US$2.4 billion will be made in renewable energy projects to generate 4,225 MW with a possibility of increasing the level of production to 39,200 MW.
The 20 countries have formed themselves into two groups. The first group represented by 14 countries which include Algeria, Thailand, Mexico, Egypt, Tunisia, Morocco, Indonesia, Turkey, Philippines, Jordan, Ukraine, South Africa, Vietnam and Kazakhstan, have agreed to bring in sweeping changes in their energy usage. They have agreed to reduce the level of using pollution causing energy products and switch over to the use of clean energy products. The second group of six countries such as Nepal, Ethiopia, Maldives, Honduras, Mali, and Kenya has shown interest in investing in renewable energy products and making advancement in clean energy development.
The second group of six countries will receive assistance from Scaling-Up Renewable Energy in Low Income Countries (SREP) program. The SREP is a directed agenda of the Strategic Climate Fund (SCF), which performs within the ambit of CIF. The SREP formed with the approval of SCF Trust Fund Committee will assist the low income group countries with the feasibility of utilizing low carbon products and demonstrate them the accessibility of new growth opportunities through renewable energy usage.
Source: http://www.climateinvestmentfunds.org/