The World Bank is proposing to create two facilities – the Clean Energy Financing Vehicle low-interest loans and the Clean Energy Support Fund grants – that will extend funding to projects promoting low-carbon technologies and carbon emission reductions. According to the proposal submitted to the bank’s steering committee, the agency intends to provide an initial budget of $10 billion to the Clean Energy Financing Vehicle. The World Bank directors will review the proposal on August 29, a few weeks before the annual meeting in Singapore. The report also recommended a ten-fold increase in the amount given to the Global Environment Facility, a program that has supported biodiversity, climate change and land degradation projects over the last 15 years.
Source: World Bank fine tunes clean energy funding proposal (Reuters)