The UN's Green Climate Fund (GCF) is set to pump $1bn into the UNFCCC government's green energy plan, marking its largest investment yet. The GCF, set up to help countries tackle climate change, is establishing the Egypt Renewable Energy Financing Framework to supply the investment, which includes $155m of its own funds and £352m from the European Bank for Reconstruction and Development. The remainder of the $1bn total will come from other sponsors and co-financiers. Egypt will use the funding to launch a wave of private renewable energy projects.
The UN's Green Climate Fund (GCF) is set to pump $1bn into the Egyptian government's green energy plan, marking its largest investment yet. The GCF, set up to help countries tackle climate change, is establishing the Egypt Renewable Energy Financing Framework to supply the investment, which includes $155m of its own funds and £352m from the European Bank for Reconstruction and Development. The remainder of the $1bn total will come from other sponsors and co-financiers. Egypt will use the funding to launch a wave of private renewable energy projects.