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Sat12202014

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Funding & Incentives

Developing countries to benefit from $507 million-commitment for ozone protection

Developing countries will benefit from a $507 million-commitment under the Montreal Protocol to ensure continued phasing out of ozone depleting substances. The fund commitment was made by the 197 parties to the Vienna Convention during its Joint 10th Meeting of the Conference of the Parties and the 26th Meeting of the Parties to the Montreal Protocol in Paris, France. The fund, which was committed by developed countries through the Multilateral Fund for the Implementation of the Montreal Protocol, will be dispersed over the 2015...

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US$23 million-grant helps Thailand become more ozone friendly

Thailand has signed a $23 million-grant agreement with the World Bank to help phase out ozone-depleting products. The grant, which is given under the Ozone Projects Trust Fund of the Montreal Protocol, provides Thailand with $23 million or around 760 million Thai Baht to reduce hydrochlorofuorocarbon (HCFC) gases used in manufacturing processes. Specifically, the grant will help make the country’s air conditioning and foam products become more climate friendly. The funds will be used to help local manu...

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I.D.B., E.U., Spain to support renewable and efficient energy in the Caribbean

The Inter-American Development Bank, the European Union, and the Kingdom of Spain have inked a joint declaration that reaffirms their collaboration in the field of renewable energy and energy efficiency in the Caribbean. Through the renewal of their commitment to renewable energy and energy efficiency in the Caribbean, the partnership will be able to continue working on fostering conditions for attracting more investments in sustainable energy; identifying,...

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World Bank commits $5 billion for African renewable energy projects

The World Bank Group has committed US$5 billion towards supporting energy projects in six African countries. The $5 billion will be going to Ethiopia, Ghana, Kenya, Liberia, Nigeria, and Tanzania – countries which have partnered with United States President Barack Obama’s Power Africa Initative. World Bank president, Dr. Jim Yong Kim, has noted that the Power Africa Initiative will play an important role in achieving the goal of providing electricity for Af...

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I.D.B. collaboration to support renewable energy in the Eastern Caribbean

The Inter-American Development Bank, along with the Caribbean Development Bank and the Japan International Cooperation Agency, will help support renewable energy and energy efficiency in the Eastern Caribbean. The memorandum of cooperation between the three parties was signed by C.B.D. Vice-president Nigel Romano, J.I.C.A. Vice-president Toshiyuki Kuroyanagi, and by I.D.B.’s General Manager Gerard Johnson. The signing of the collaboration – which took...

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World Bank funds Bolivia’s climate change adaptation

The World Bank is providing Bolivia’s climate change adaptation program with around $45 million in funding. The World Bank’s Board of Executive Directors has approved a loan of $36 million and an additional $9.5 million donation to fund the second phase of Bolivia’s Pilot Program for Climate Resilience, or P.P.C.R. II. The funding, which was provided by the Climate Investment Funds, will help P.P.C.R. II improve institutional capacity and the comprehensive...

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Hong Kong approves 10th batch of Pilot Green Transport Fund applications

Hong Kong’s Environmental Protection Department has approved the tenth batch of applicationq for the trial of green transport technologies under its Pilot Green Transport Fund. The E.P.D. has approved four new applications which involve a total subsidy of around $1.6 million. The applications included the trial of five hybrid goods vehicles and two sets of solar air-conditioning systems on two public light...

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I.D.B. to finance solar energy plant in Chile

The Inter-American Development Bank has approved a total of $66.4 million to finance a photovoltaic solar energy plant in the Chilean region of Antofagasta. The approved budget will be comprised of $50.4 million loan from its ordinary capital pool and $16 million from its Clean Technology Fund. The money will be used to finance the construction, operation, and maintenance, along with the corresponding civil...

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Mexico doubles G.E.F. contribution to $20 million

Mexico will double its contribution to the Global Environment Facility, to reach $20 million between 2014 and 2018. The doubled amount of the country’s commitment was solidified by President EnriquePeña Nieto’s presence at the fifth G.E.F. Assembly in Cancun. “With the support of the facility, we want to increase cooperation in favor of increased global responsibility: caring for and...

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World Bank approves $60 million financing for grid project in Georgia

The World Bank Group has approved a $60 million International Bank for Reconstruction and Development financing for a grid project in Georgia. The objectives of the Transmission Grid Strengthening Project for Georgia is to provide reliable power transmission to the southwestern part of the grid, upgrade electricity exchange systems, and provide economically efficient, environmentally and socially...

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