Bangladesh gets $75m climate fund for renewable energy

Climate Investment Funds (CIF), a fund created by multilateral banks, endorsed Bangladesh’s plans for renewable energy development and also agreed to provide another $75 million for their implementations, reports UNB.
The endorsement came following a meeting between the officials of Bangladesh and World Bank in Washington, DC on Wednesday.
This fund is being provided under the Scaling Up Renewable Energy in Low Income Countries Program (SREP) of the CIF.
According to statement issued by the CIF, the SREP funding of $75 million (USD) will focus on grid-connected renewable energy and will include 200 megawatts in utility-scale solar photovoltaic (PV) and grid-connected rooftop solar PV; as well as mini and off-grid solar solutions and advisory support for municipal waste-to-energy projects.
Bangladesh has been putting it efforts into increasing electricity access, enhancing energy security, reducing poverty and mitigating climate change.
About the fund, Senior SREP Coordinator Zhihong Zhang says: "SREP funding is expected to mobilize an additional $650 million (USD) in investments to scale up renewable energy development in Bangladesh."  "These investments have the potential to transform the country's grid-electricity generation from polluting fossil fuels to clean renewable energy, and provide affordable modern energy to poor households and agricultural areas," he noted.
"Successful projects developed using SREP funds will demonstrate the potential for scaling up projects- and attract other investors to the market," he added. Siddique Zobair, Bangladesh's Joint Secretary of Sustainable and Renewable Energy Development says, "As one of the world's most climate-vulnerable countries, we recognize the crucial role renewable energy must play in a low-carbon future."

Bangladesh gets $75m climate fund for renewable energy

Climate Investment Funds (CIF), a fund created by multilateral banks, endorsed Bangladeshs plans for renewable energy development and also agreed to provide another $75 million for their implementations, reports UNB. The endorsement came following a meeting between the officials of Bangladesh and World Bank in Washington, DC on Wednesday. This fund is being provided under the Scaling Up Renewable Energy in Low Income Countries Program (SREP) of the CIF. According to statement issued by the CIF, the SREP funding of $75 million (USD) will focus on grid-connected renewable energy and will include 200 megawatts in utility-scale solar photovoltaic (PV) and grid-connected rooftop solar PV; as well as mini and off-grid solar solutions and advisory support for municipal waste-to-energy projects. Bangladesh has been putting it efforts into increasing electricity access, enhancing energy security, reducing poverty and mitigating climate change. About the fund, Senior SREP Coordinator Zhihong Zhang says: SREP funding is expected to mobilize an additional $650 million (USD) in investments to scale up renewable energy development in Bangladesh. These investments have the potential to transform the countrys grid-electricity generation from polluting fossil fuels to clean renewable energy, and provide affordable modern energy to poor households and agricultural areas, he noted. Successful projects developed using SREP funds will demonstrate the potential for scaling up projects- and attract other investors to the market, he added. Siddique Zobair, Bangladeshs Joint Secretary of Sustainable and Renewable Energy Development says, As one of the worlds most climate-vulnerable countries, we recognize the crucial role renewable energy must play in a low-carbon future.