Published: May 10, 2010
European institutions to encourage private investment in climate projects.
A group of European development agencies have joined forces to establish a new fund to develop private sector climate change projects.
Agence Française de Développement, the European Investment Bank and the European Development Finance Institutions recently unveiled the Interact Climate Change Fund in Bruges.
The new initiative has been created to match investments made by the private sector in climate change projects in Africa, the Caribbean and the Pacific, Asia and Latin America.
The partners aim to make climate-friendly projects attractive to private sector investors in emerging markets by acting as a catalyst to attract additional long-term investments.
The plan is for the partners to build up a portfolio of investments by promoting clean technology as a part of economic development and to provide long-term financing for renewable energy projects in countries facing energy shortages.