Clean Technology Fund Gets Funds

Courtesty of National Science Foundation

The banks behind the Climate Investment Funds (CIF) – the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the Inter-American Development Bank (IDB), the International Finance Corporation (IFC) and the World Bank – have pledged nearly one billion dollars  for a new Clean Technology Fund (CTF)  to accelerate global deployment of Concentrated Solar Power (CSP). It will do so by investing in five countries: Algeria, Egypt, Jordan, Morocco and Tunisia.

The CTF projects on deploying CSP at a commercial-scale over a 3-5 year timeframe is expected to avoid about 1.7 million tons of carbon dioxide per year from the energy sectors of the countries. The transformational objective of this investment plan is served by accelerating cost reduction for a technology that could become least-cost globally, and then be replicated in other countries with high greenhouse gas emissions.