In the run-up to this month’s climate talks in Cancun, Mexico, 20 developing nations have secured support from the Clean Technology Fund to help bolster renewable energy sources.
The USD4.5 billion CTF is one of the two primary funds under the Climate Investment Funds, a multitalteral financing instrument designed to support low-emission and climate-resilient development. CTF’s project pipeline includes a first round of renewable energy projects worth USD2.4 billion.
Algeria, Egypt, Indonesia, Jordan, Kazakhstan, Mexico, Morocco, Philippines, South Africa, Thailand, Tunisia, Turkey, Ukraine and Vietnam have secured CTF’s support to invest in renewable energy at a large scale. CTF will also back renewable energy plans of Ethiopia, Honduras, Kenya, Maldives, Mali and Nepal.
Nigeria also submitted a renewable energy investment plan, which can be implemented once funding becomes available, according to a World Bank press release.
The CIF’s governing body held a week-long meeting last week where pilot country dialogues on forest, climate resilience and renewable energy programs were conducted. These pilot country dialogues will play a key role in the CIF’s Partnership Forum scheduled for March 2011 in Tunis to be hosted by the African Development Bank.