Country:European Union
Year:2008
Policy status:In Force
Jurisdiction:International
Date Effective:2008
Policy Type:Economic Instruments>Fiscal/financial incentives>Grants and subsidies, Economic Instruments>Fiscal/financial incentives
Policy Target:
Agency:European Commission
URL:http://www.ec.europa.eu/environment/jrec/energy_fund_en.htm
Funding:EUR 80 million over 4 years
Description:On 9 October 2006, the European Commission proposed creating a global risk capital fund to mobilise private investment in energy efficiency and renewable energy projects in developing countries and economies in transition. The Global Energy Efficiency and Renewable Energy Fund (GEEREF) will accelerate the transfer, development and deployment of environmentally sound technologies and help to bring secure energy supplies to the poorer regions of the world.The Fund was luanched by the European Commission on 28 March 2008. These projects will also combat climate change and air pollution. The Commission intends to kick-start the fund with a contribution of up to Eur 80 million over the next four years, and expects that financing from other public and private sources will take funding to EUR 150-200 million. It is also expected to mobilise additional risk captial of EUR 300m, possibly up to EUR 1 billion in the longer term. This means that it will contribute to the financing of investment projects of a value up to 1 billion euro. GEEREF will stimulate the creation of regional sub-funds tailored to regional needs and conditions, rather than investing in projects directly. Sub-funds are envisaged for the African, Caribbean and Pacific (ACP) region, North Africa, non-EU Eastern Europe, Latin America and Asia. The focus will be on investments below EUR 10 million as these are mostly ignored by commercial investors and international finance institutions. Corporate finance will be offered to support small and medium-sized enterprises as well as project finance.

Last modified: Mon, 09 Jul 2012 16:22:35 CEST