Efforts to boost renewable energy gain $31M investment

Wind turbines in South Africa. Sweden and Switzerland have announced new contributions to an investment fund promoting the use of clean technologies for low emissions and climate resilience in developing countries. Photo by: Lollie-Pop

Sweden and Switzerland have announced new contributions to an investment fund promoting the use of clean technologies for low emissions and climate resilience in developing countries.

Both donors will provide $31 million in combined additional support  $25 million from Sweden and $6 million from Switzerland  for the Scaling Up Renewable Energy in Low-Income Countries program (SREP) under the Climate Investment Funds. These add to the $7.2 billion donor contributions to the CIF to date.

The announcements were made at the weeklong CIF meetings taking place in Istanbul, Turkey, from Oct. 30 to Nov. 7, where the fund’s committees and subcommittees announced new funding allocations worth more than $500 million, according to a news release. The money will come from existing contributions, CIF Secretariat Senior Communications Officer Jeffrey Brez told Devex in an email.

Here are some of the announced funding allocations for various CIF programs:

  • Under the Pilot Program for Climate Resilience: $5 million each for Bolivia, Cambodia, Dominica, Grenada, Haiti, Jamaica, Mozambique, Nepal, Saint Lucia, Saint Vincent and the Grenadines, Samoa, Tonga and Zambia. There is also an $8 million allocation for Yemen, $10 million for Tajikistan and $30 million for Papua New Guinea.

  • Under the Forest Investment Program: $30 million for Burkina Faso, $50 million for Ghana and $70 million for Indonesia.

  • Under SREP: $30 million for Maldives.

The committees have also agreed to set aside funding under the climate resilience and renewable energy-focused programs that will help boost private sector engagement in pilot countries: $46 million under the PPCR and $50 million under the SREP.

Businesses working with the private sector arms of the five multilateral development banks administering the funds are eligible to apply. The public sector can also apply for funding to the public sector arms of the MDBs for projects that aim to provide a more enabling environment for the private sector. 

Read more development aid news online, and subscribe to The Development Newswire to receive top international development headlines from the world’s leading donors, news sources and opinion leaders — emailed to you FREE every business day.

About the author

  • Ravelo jennylei

    Jenny Lei Ravelo

    Jenny Lei Ravelo is a Devex Senior Reporter based in Manila. She covers global health, with a particular focus on the World Health Organization, and other development and humanitarian aid trends in Asia Pacific. Prior to Devex, she wrote for ABS-CBN, one of the largest broadcasting networks in the Philippines, and was a copy editor for various international scientific journals. She received her journalism degree from the University of Santo Tomas.