Saturday, November 7, 2009

Six African Countries funded to ease climate adaptation

Environment News Service: A total of $1.1 billion in new financing will flow to six African countries to assist them in developing renewable energy and preparing for the consequences of climate change. From solar water heaters to wind energy to development policy planning, a range of new, scalable investments were given the green light October 27 at Trustee meetings of the Climate Investment Funds in Washington. Agreed in 2008, donor countries have pledged over US$6 billion to the Climate Investment Funds.

Mozambique, Niger and Zambia will each receive up to $50-70 million in additional funding to help transform their economies through climate resilience. Morocco and South Africa will join Egypt in receiving very low-interest loans for $150 million, $500 million, and $300 million respectively, to strengthen their investments in clean energy in support of national priorities for low carbon development.

"Climate Investment Funds' support for Africa is coming at a critical time. Climate change has the potential to turn back the clock on hard won development gains across the continent," said Katherine Sierra, vice president of sustainable development at the World Bank.

"CIF financing is teaching us how to work together with governments, civil society and the private sector to make truly transformational investments a reality. Each CIF dollar so far is leveraging an additional 10 dollars in private and public investments," Sierra said….

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