Global Energy Efficiency and Renewable Energy Fund

 

In 2006, with a decision of the European Commission, the GEEREF, Global Energy Efficiency and Renewable Energy Fund has been established. The objective is to stimulate private investment in projects aimed to promote energy efficiency and renewable energy in developing countries and economies in transition.
The management of the Fund is entrusted to an investment committee composed of representatives of shareholders and industry experts and relies on the advice of the European Investment Bank and European Investment Fund. The fund, in early December, has decided to make a first set of investments for 22 million, which will finance small-scale projects in renewable energy in southern and sub-Saharan Africa and in Asia.
Emphasis will be given to projects for the production of energy from wind sources, biomass, and the construction of small hydropower and methane plants. "The Fund is creating a financial platform to support the global fight against climate change and poverty," said Environment Commissioner Stavros Dimas, presenting the first round of investment at the Climate Conference in Poznan.
"Worldwide, 1.6 billion people still do not have access to reliable energy services. GEEREF Investments - added the European Commissioner for Development and Humanitarian Aid Louis Michel - will accelerate the transfer, development and diffusion of technologies. "