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Funding & Incentives

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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$4.43 billion pledged to developing countries’ environmental efforts

Around 30 countries have pledged $4.43 billion for the Global Environment Facility to support the environmental efforts of developing countries. This record funding for the G.E.F. will support projects in more than 140 countries tackling various issues relating to the global environment, such as climate change, deforestation, land degradation, extinction of species, toxic chemicals and waste, and threats to oceans and freshwater resour...

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Hong Kong extends its registration tax exemption for E.V.s

Hong Kong has passed a resolution that will extend its first registration tax exemption for electric vehicles. The first registration tax exemption was extended by the Legislative Council for another three years to March 31, 2017; a move that was welcomed by the Secretary for the Environment Kam-sing Wong. “Continuing the first registration tax exemption for electric vehicles will help promote...

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World Bank approves $13 million boost for Solomon Islands’ power utility

The World Bank has approved $13 million in additional financing for the improvement of Solomon Islands’ national power utility. The approved $13 million additional financing is for the Solomon Islands for the Sustainable Energy Project, or S.I.S.E.P. – an initiative working to improve the operational efficiency, system reliability, and financial sustainability of the national power...

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