The Climate Investment Funds (CIF) has announced an agreement to provide Nigeria with $50 million to boost energy efficiency in the country.
The fund is to support an African Development Bank-supported program of financial intermediation for renewable energy and energy efficiency through local banks, as part of the country's national Investment Plan endorsed by the CIF in 2010.
The money, being provided under the CIF's Clean Technology Fund (CTF), is designated to stimulate alternative and efficient ways to generate electricity and reduce dependence on energy sources which contribute significantly to greenhouse gas emissions.
The funding will be used to stimulate investment in downstream opportunities that would lead to greater energy efficiency through a range of technologies, including industrial energy efficiency investments, renewable energy, renewable-based hybrid systems, and cleaner fuels and combustion processes.
The CTF money will complement support provided through the AfDB private sector window, to help the country address energy efficiency in critical sectors such as power, agribusiness, transport, telecommunications, and education, by targeting local financial institutions to invest and support the shifts to clean, efficient and affordable energy in the sectors.
The work to improve energy efficiency and increase the use of renewables is in line with the country's national policy framework designed to lead the country to an ambitious set of energy goals, including rural energy scale-up and actions to ensure energy efficiency through a combination of regulations and incentives at the national scale.
Also, the CIF has approved a grant of $950,000 to help Nigeria prepare for a proposed project to revamp Abuja's mass transit system.
The request for the project preparation money was submitted to the CIF by the government of Nigeria and the African Development Bank (AfDB).
This is the first time the CIF has approved a sustainable transport project preparation grant within Africa, and marks the way forward for the transport sector as part of the AfDB and CIF work to help Africa move toward low-carbon and climate-resilient development.
When project preparation is complete, the proposed project is slated to create a multi-modal integrated transport system, including acquiring and operating high-capacity articulated low-carbon emission buses throughout Abuja.
Leave your comments
0 Character restriction
Your text should be more than 10 characters
Type the text presented in the image below. Not clear? Reload Captcha
Submit Comment Agree to terms and condition.
Sort by Oldest First
Sort by Latest First
Subscribe with RSS
No comments found
Powered by Komento