The World Bank announced it would disburse $1.1 billion in grants or low-interest loans to six countries in Africa – the funds are intended to help them increase renewable energy sources and create "resilience strategies" for adapting to climate change impacts.
The countries were chosen because they "share dramatic risks in potential loss of land, life and livelihoods as a result of climate change."
The trustees of the Climate Investment Funds (CIF) made the decision. Launched in 2008, The CIF is run by the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, International Finance Corporation as well as the World Bank. CIF has pledged over $6 billion so far.
For example, $500 million goes to South Africa to help the country meet its goals of supplying 4% of energy from renewable sources by 2013, increasing energy efficiency 12% by 2015 and installing solar water heating on 1 million homes in the next five years.
Egypt, Morocco, Mozambique, Niger and Zambia will also receive funds.
Loading...