The EU, World Bank and European Investment Bank announce the Global Energy Efficiency and Renewable Energy Fund (GEEREF). The GEEREF will start by spending more than €100 million to mobilise large-scale public and private pilot projects in renewable energy and clean technology projects, particularly in developing states.

The Commission, which proposed the fund in October 2006, hopes it will act as an incentive for private capital financing by offering “suitable risk sharing and co-funding options for various commercial and non-commercial investors with a global investment mandate”.

The EU will contribute €80 million to the fund by 2010 in order to help developing countries overcome hurdles associated with initial capital costs for renewable energies.

€15 million of EU funds will be used in 2008 as a jump start for the initiative.

Technorati Tags: EU, renewable energy, clean technology

This entry was posted on March 31st, 2008 at 19:37 (GMT) and is filed under Alternative Energy, Developing World, Finance . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.