Norway earmarks NOK 80 million for
global clean energy investment fund
Dec 12, 2008 - Asia Pulse Data Source
Norway earmarked some NOK80 million
for the Global Energy Efficiency and Renewable Energy
Fund (GEEREF) to combat climate change and promote
clean energy in developing countries, the Ministry
of Foreign Affairs announced Thursday.
The European Commission has already
invested EUR 23 million in GEEREF. Further contributions
totaling EUR 100 million have been pledged for the
next four years. GEEREF is part of an umbrella fund
structure, the European Initiative on Clean, Renewable
Energy, Energy Efficiency and Climate Change Related
The public-private partnership was initiated
by the European Commission and Norway and Germany
are the first two public donors to the fund which
aims to boost investments in renewable energy and
energy efficiency measures.
We must do everything we can to help
developing countries make a technological leap forward
and increase their use of renewable energy sources
such as solar energy and hydropower. Poor countries
can reap huge economic and environmental benefits
through energy efficiency measures and the use of
renewable energy, said Minister Erik Solheim of the
Ministry of Environment and International Development.
Minister Solheim stressed that public-private
partnerships is an important way of obtaining sufficient
funding for adaptation to climate change in poor countries.
The GEEREF will focus on investments
in smaller projects, up to EUR 10 million on areas
that are generally ignored by private investors and
international financial institutions.
This fund can be a prototype for investment
mechanisms that will attract private investors who
are looking for a return on their investments, and
that will also give an economic return on the public
funds that are invested, Minister Solheim said. (PNA)