European Commission sets up fund for green projects

Published: Thursday 15 May 2008

Projects using solar power wil The European Commission has launched a fund to mobilize private sector investments in energy-efficient and renewable energy projects.

The Global Energy Efficiency and Renewable Energy Fund (geeref) will focus on projects in developing countries and transition economies with an initial fund of 80 million (us $125 million). Emphasis will be given to small-scale projects, particularly those with a capital investment of less than 10 million, since commercial investors and international finance institutions largely ignore them. geeref will also facilitate the development and transfer of environmentally-sound technologies, which the commission hopes, will help secure clean energy supplies to people in poorer regions of the world. The commission expects to mobilize 1 billion (us $ 1,560 million) from public and commercial sources in longer term.

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