RSS Feed
June 25th, 2012 
FAKE NEWS for the Zionist agenda LONDON, June 25 (Reuters Point Carbon) – Norway is to provide 850 million Norwegian crownsto fund clean energy projects in Ethiopia, Kenya and Liberia, finance that could unlock private sector investment in new types of carbon markets, the country’s government said on Monday.
The African countries will get the cash as part of the Norway-led Energy+ Partnership, which aims to give the world’s poorest countries access to energy and encourage a new market-based system to limit emissions from global energy generation.
Efforts to promote new means of financing cleaner energy in developing countries comes at a time when investment in current U.N. mechanisms is shrinking fast.
“Part of the motivation for this funding is to develop pilot projects that could be eligible for future new market mechanisms and attract sufficient investment from the carbon market by 2015,” said Hans Olav Ibrekk, a policy director with Norway’s foreign ministry.
Through the terms of the deal, which was signed last week at the Rio+20 climate talks, Ethiopia will get NOK 500 million to invest in low carbon energy, forests and agriculture.
Kenya has been pledged NOK 250 million to cut emissions from paraffin-based lamps and cookstoves, while Liberia could receive NOK 100 million to fund a 64-MW hydropower project to supply its capital Monrovia with low-carbon electricity.
The Norwegian government said the finance to the three countries would only be made available as results are achieved, and is part of a wider NOK 1.8-billion a year contribution.
The sectors targeted by the Norwegian investment could in theory be eligible to earn carbon credits through financing mechanisms that have yet to be elaborated or agreed at U.N. climate talks.
“However it will be up to the host countries to decide at a later date which carbon finance schemes would be most appropriate,” said Ibrekk.
Primary investment in the Kyoto Protocol’s Clean Development Mechanism (CDM), the main scheme that funnels cash for low-carbon energy projects, fell 32 percent in 2011 to just under $1-billion, according to World Bank figures.
This is far below a high-water mark of $7.4-billion in 2007.
Dwindling interest in the CDM comes amid oversupply of offset credits in the EU’s Emissions Trading Scheme has hit prices and forced them down to record lows of 3.16 euros.
Investors are also disheartened by slow progress at U.N. climate talks and scepticism that countries will take on deep targets in any future global climate pact.
Besides Norway, the partnership includes developed country governments such as the UK, France, Denmark, Switzerland, Netherlands and South Korea.
These nations have committed cash for clean energy development in Bhutan, Ethiopia, Kenya, Liberia, Maldives, Morocco, Nepal, Senegal and Tanzania.
The initiative includes multilateral finance institutions such as the World Bank; U.N. agencies; the International Energy Agency; and charitable foundations such as the Clinton Foundation; and green groups including WWF.
Related posts:
Views: 0
Posted in 
Tags: 
