A planned $4.7 billion public-private investment fund being created for green energy projects in emerging countries was announced at the Davos World Economic Forum. The goal of the fund is to raise at least 30 times that amount from the private sector. So reports the Financial Times.
The initiative is a partnership between the International Finance Corporation and the Asian Development Bank and aims to spark private sector investments by reducing their risk through partnering with government and international organizations. The fund will invest in commercial solar, wind and hydroelectric power plants, with the goal of generating more than 7,000 MW of clean energy in developing countries, says the Financial Times.
The UK offered £110m of capital through its Climate Public Private Partnership fund, known as CP3.
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