Global investments in renewable energy remain below the targets needed to meet the goals of the Paris Agreement.
A new Green Climate Fund (GCF) investment of USD$280 million for the Sustainable Renewables Risk Mitigation Initiative (SRMI) has been approved by the GCF Board. The investment is expected to result in 2.6 gigawatts of renewable energy.
The World Bank‘s Energy Sector Management Assistance Program (ESMAP), in partnership with Agence Française de Développement (AFD), International Renewable Energy Agency (IRENA), and International Solar Alliance (ISA) launched at COP24 the Sustainable Renewables Risk Mitigation Initiative (SRMI) to address these challenges.
SRMI helps governments develop, finance, and implement sustainable solar and wind programs.
The GCF investment project with The World Bank’s ESMAP unlocks private sector finance to help seven countries shift to low emission pathways and have access to sustainable energy.
Watch the video to learn more about how SRMI is Accelerating Access to Climate Finance to shift to Low-Emission and Climate-Resilient Development.