The World Bank (WB) accelerates thedeployment of two projects worth a total of 700 million USD to boostforest management and develop renewable energy in low income countries.
The 400 million USD Forest Investment Programme (FIP)and the 300 million USD project for the Scaling Up Renewable Energy inLow Income Countries (SREP), are funded under the Strategic ClimateFund, one of two funds set up as part of the WB’s 6 billion USDmulti-stakeholder Climate Investment Funds (CIF).
Donors to the FIP and SREP include the United States , Japan , theUnited Kingdom , the Netherlands , Norway , Australia , Denmark andSwitzerland .
All of the proposed CIF programs have now been given enough financialsupport to begins operations, said Katherine Sierra, WB Vice Presidentfor Sustainable Development.
The CIFs are a unique pair of financing instruments designed to supportdeveloping nations in initiating transformational change towardslow-carbon and climate-resilient development, offering an unprecedentedopportunity to scale up experiences and a growing knowledge base to actagainst climate change.
Both programmes operate through a governing mechanism with equal representation by contributor and recipient countries.
The FIP supports developing countries' efforts to reduce emissions fromdeforestation and forest degradation by financing investments toaddress such harmful effects.
Meanwhile, the SREP will help a small number of low income countriesinitiate energy sector transformation by helping them take renewableenergy solutions to a national level./.
The 400 million USD Forest Investment Programme (FIP)and the 300 million USD project for the Scaling Up Renewable Energy inLow Income Countries (SREP), are funded under the Strategic ClimateFund, one of two funds set up as part of the WB’s 6 billion USDmulti-stakeholder Climate Investment Funds (CIF).
Donors to the FIP and SREP include the United States , Japan , theUnited Kingdom , the Netherlands , Norway , Australia , Denmark andSwitzerland .
All of the proposed CIF programs have now been given enough financialsupport to begins operations, said Katherine Sierra, WB Vice Presidentfor Sustainable Development.
The CIFs are a unique pair of financing instruments designed to supportdeveloping nations in initiating transformational change towardslow-carbon and climate-resilient development, offering an unprecedentedopportunity to scale up experiences and a growing knowledge base to actagainst climate change.
Both programmes operate through a governing mechanism with equal representation by contributor and recipient countries.
The FIP supports developing countries' efforts to reduce emissions fromdeforestation and forest degradation by financing investments toaddress such harmful effects.
Meanwhile, the SREP will help a small number of low income countriesinitiate energy sector transformation by helping them take renewableenergy solutions to a national level./.
