Monday, December 27, 2010

Twenty countries agree to invest in alternative energy

Indonesia and 19 other countries have agreed to invest in the large-scale use of renewable energy, such as solar, wind and geothermal energy through the Climate Investment Funds (CIF).

The 20 countries are divided into two groups, with the first group of 14 countries planning a radical change in the use of energy from high emission sources to clean and positive energy, the Funds said in a press statement issued on Tuesday.
The Clean Technology Fund (CTF) Commission under the aegis of the CIF warmly welcomes the trend, the statement said.
Based on the CTF operational report the first phase of renewable energy project which will cost an estimated US$2.4 billion will be implemented to realize a plan to finance the supply of 4,255 megawatts with a potential scale of up to 39,200 megawatts.
The second group consisting of 6 countries meanwhile intend to invest in renewable energy to ensure their citizens` wide access to such energy as well as to make a breakthrough in pursuit of climate-friendly energy development, it said.
The 14 countries are Algeria, Egypt, Indonesia, Jordan, Kazakhstan, Mexico, Morocco, the Philippines, South Africa, Thailand, Tunisia, Turkey, Ukraine and Vietnam.
The six countries are Ethiopia, Honduras, Kenya, Maldives, Mali, and Nepal which will receive support from the Program on Scaling-Up Renewable Energy in Low Income Countries (SREP).
SREP is a targeted program of the Strategic Climate Fund (SCF), which is within the framework of the CIF.

The SREP was approved by the SCF Trust Fund Committee in May 2009 to demonstrate the economic, social and environmental viability of low carbon development pathways in the energy sector in low-income countries. It aims to help low-income countries use new economic opportunities to increase energy access through renewable energy use.