The private-sector arm of the World Bank says it will lend up to $150 million to Johannesburg-based Absa Bank for green project funding.
The new financing scheme is aimed at helping factories to upgrade, acquire renewable energy-related machinery and technology and increase environment-friendly production in an effort to achieve sustainable development goals.
The government is planning to introduce a procurement regime this year which the Institute for Energy Economics and Financial Analysis says could drive the price of clean electricity as low as PHP3/kWh. It is thought projects which missed the feed-in tariff scheme deadline will be eligible to compete in the auctions.
The European Bank for Reconstruction and Development (EBRD) yesterday unveiled details for Lebanon’s first Green Economy Financing Facility (GEFF), the largest thus far in the bank’s Southern and Eastern Mediterranean region (SEMED). The GEFF program is set to address key issues of energy security, efficiency and sustainability for the Middle Eastern country.
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