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€100-million fund to boost investments in renewable energy in poor nations
10/Oct/2006: The European Commission has proposed to create a €100-million global risk capital fund to enhance investments in renewable energy in poorer nations. The European Union Environment Commissioner Stavros Dimas said that this new proposal highlights the Commission’s commitment to help developing and poor countries to build renewable energy sources.
He added that this initiative by the European Commission will contribute to bringing clean, secure and affordable energy supplies to around 1.6 billion people around the world, who currently have no access to electricity.
One of the main objectives of the European Union is to prevent the global temperatures from rising more than 2 degree Celsius above the pre-industrial levels. Dimas said that scaling up energy efficiency and renewable energy initiatives will help developing countries to provide clean and secure energy to its people, who have no access to reliable energy sources.
The European Commission has appointed international fund managers ‘Triodos’ to set up the Global Energy Efficiency and Renewable Energy Fund in conjunction with the European Investment Bank, the European Bank for Reconstruction and Development and other interested parties.
The Commission would initially put €80-million into this fund from 2007 to 2010 and initial funding from public and commercial sources is expected to add another €20-million. The commission expects to mobilize an additional risk capital of at least €300-million and possibly up to one billion in the longer term.
An investment of around a billion euros could bring almost a gigawatt of environmentally sound energy to third world markets, serving 1-3 million people with sustainable energy services and cutting down the Carbon dioxide emissions by almost 1-2 tons a year, according to the European Commission. However, the International Energy Agency estimates that nine billion euros in risk capital would be required by 2010 for production of renewable energy in developing and emerging economies.
The Commission has also proposed to create regional sub-funds under the global risk capital fund, which would be used in investing on projects requiring investments less than €10-million, in Africa, Caribbean and Pacific regions, Asia, non-EU Eastern Europe and Latin America.
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