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Tuesday, 23 November 2010

UK to launch African low-carbon energy fund

The UK government will launch two new public-private partnership funds to promote generation of renewable energy in Africa and Asia next year, the secretary of state for international development said last week.The funds will target low-carbon energy and related investments in Asia and large-scale renewable energy projects in Africa."We hope to launch these partnerships next year," Andrew Mitchell said at a briefing in London.A spokesman for the UK's department for international development said it was looking at ways the funds could be financed and could not put a value on them yet or identify the potential private sector partners.Early modelling of the Asian fund suggests that it could bring 9 pounds of private sector investment for every pound committed by the government.Over the next 25 years, the project could generate up to 5 gigawatts of renewable energy and avoid 150 million tonnes of carbon dioxide emissions.The African fund could generate up to 500 megawatts of new renewable energy per year from 2015, providing enough electricity for over four million households.The government will also launch a new advocacy fund to help the poorest nations get heard in international climate change and trade negotiations."This fund will provide access to legal, technical and logistical support to the poorest and most vulnerable countries (...) whose full participation is essential if we are to achieve an equitable deal," Mitchell said, referring to a global agreement on climate change.In its spending review in October, Britain said it would provide 2.9 billion pounds of international climate finance to 2015. This will partly fund a 1.5 billion pound pledge of fast-start finance from 2010 to 2012.


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