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2017-11-14 17:45:00

EBRD RENEWABLE INVESTMENT $1.4 BLN

EBRD RENEWABLE INVESTMENT $1.4 BLN

EBRD - The Green Climate Fund (GCF) will start funding its largest climate finance investment to date following an agreement signed with the European Bank for Reconstruction and Development (EBRD).

The GCF-EBRD Sustainable Energy Financing Facilities programme spans three regions and directs new climate finance flows to Armenia, Egypt, Georgia, Jordan, Republic of Moldova, Mongolia, Morocco, Serbia, Tajikistan and Tunisia.

The GCF is contributing USD 378 million to this USD 1.4 billion programme to support thousands of individual investments in technologies that reduce emissions and enhance resilience to climate change.

Building on EBRD market studies and pilot financing activities in the target countries, the programme can now establish new financing facilities with local financial institutions. Subsequently, these facilities can support private sector investment in high performance climate technologies, including renewable energy, energy efficiency and climate adaptation measures, such as improving water management.

GCF Executive Director Howard Bamsey hailed the signature of the Funded Activity Agreement for the Fund's largest project, saying this was a demonstration of how GCF is currently increasing the scope its climate finance deployment.

"GCF has marked 2017 as a year of implementation, and projects such as this one are helping the Fund push a paradigm shift in supporting new, sustainable business practices," he said.

"This project is particularly important both for its broad financial scale, and its social depth – right down to the grassroots level – supporting investments in micro, small and medium enterprises, and at the household level."

EBRD President Sir Suma Chakrabarti praised the agreement on the GCF-EBRD co-financing programme, saying it represented a continued strengthening of the partnership between the GCF and the EBRD, and a further endorsement of the Bank's Green Economy Transition approach.

"The programme helps the EBRD support the promotion of green investments by local financial institutions, increasingly integrating climate technologies into day-to-day financing decisions," he said. "The GCF's grants help to ensure the very highest standards in the projects that are rolled out."

The Sustainable Energy Financing Facilities project will provide credit lines to open up new financing paths and new markets of sustainable development for people pursuing climate investments in Africa, the Asia Pacific and Eastern Europe.

The EBRD has scaled up its climate finance activities as part of a pledge made in the run up to the Paris Agreement in 2015. Under its Green Economy Transition approach, the EBRD has a target of dedicating 40 per cent of its annual investments to green finance by 2020. It is well on the way to meeting this objective.

GCF was set up by 194 countries which are parties to the United Nations Framework Convention on Climate Change (UNFCCC) in 2010 to deliver equal amounts of funding to mitigation and adaptation initiatives in developing countries.

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Earlier:

RENEWABLE: 

 

 

 

 

 

 EBRD:

 

 Renewable
October, 25, 12:15:00

RENEWABLE INVESTMENT $3.7 BLN

A group of private-equity investors led by New York-based Global Infrastructure Partners and China’s sovereign wealth fund will acquire a portfolio of Asian wind and solar energy projects from Singapore-based Equis Pte Ltd for $3.7bn.

 

         EUROPEAN ECONOMY UP 3.3%
2017, November, 9, 13:45:00

EUROPEAN ECONOMY UP 3.3%

Average growth across the EBRD region is seen at 3.3 per cent this year, a rise of 0.9 percentage points against the previous forecast from May, and compared with growth of just 1.9 per cent in 2016. 

 

 Renewable
October, 18, 18:30:00

EGYPT SOLAR INVESTMENT

Egypt’s fledgling solar industry attracted $1.8 billion of investment, largely from the European Bank of Reconstruction and Development and the World Bank’s International Finance Corp.

 

 

         EBRD BOUGHT BULGARIA
2016, September, 19, 18:35:00

EBRD BOUGHT BULGARIA

President Chakrabarti welcomed Bulgaria’s recent actions to strengthen the stability of its financial sector and promote the liberalisation of the energy market. He reconfirmed the EBRD’s commitment to support these reforms with investment and technical advice.

 

 Renewable
October, 16, 12:05:00

CHINA'S SOLAR ENERGY UP 50%

China installed 38.28 gigawatts of solar power from January to August, up 49.5 percent from the end of last year, according to the China Electricity Council.

 

 

         UKRAINE WANTS MONEY
2015, July, 17, 00:50:00

UKRAINE WANTS MONEY

This month the head of the EBRD said the bank could invest hundreds of millions of dollars in Ukraine's energy sector this year, but that any investment would depend on Kiev implementing long-promised energy sector reforms.

 

 Renewable
October, 6, 12:40:00

STATOIL'S RENEWABLE INVESTMENT

"Brazil is a core area for Statoil where our ambition is to deliver safe and sustainable growth in a significant energy market. Entering into solar in Brazil adds to the positions we have already in the producing Peregrino oil field and in the offshore licenses BM-S-8 and BM-C-33 which include the yet to be developed discoveries Carcará and Pão de Açúcar respectively. We are excited to have entered our first solar project with an experienced partner like Scatec Solar," says Irene Rummelhoff, Executive Vice President of New Energy Solutions in Statoil.

 

         
 Renewable
September, 25, 13:10:00

RENEWABLE ENERGY UP

China accounts for the lion’s share of the upsurge. But Middle East and north African countries are scheduled to have installed 14GW in solar plants by the end of 2018 — a seven-fold increase from 2015. Central and South America are also expected to reach 14GW, nearly five times more than in 2015, while India is set to hit 28GW, a jump of nearly six times.

 

         
 Renewable
September, 20, 08:45:00

RENEWABLE'S FUTURE

The falling cost of renewable energy will increasingly allow wind and solar projects to make money without subsidies, say the top executives in Europe’s power industry.

 

         
 Renewable
September, 15, 08:55:00

WORLD ENERGY CONSUMPTION UP TO 28%

The U.S. Energy Information Administration projects that world energy consumption will grow by 28% between 2015 and 2040. Most of this growth is expected to come from countries that are not in the Organization for Economic Cooperation and Development (OECD), and especially in countries where demand is driven by strong economic growth, particularly in Asia. Non-OECD Asia (which includes China and India) accounts for more than 60% of the world's total increase in energy consumption from 2015 through 2040.

         

 

 

 

Tags: EBRD, RENEWABLE, INVESTMENT