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US$100 million fund for clean energy in developing countries

The European Commission last week said it would dedicate US$100 million to help developing countries adopt energy-efficient technologies and make more use of renewable energy to combat air pollution and climate change.
The Global Energy Efficiency and Renewable Energy Fund will help overcome the difficulties of raising enough commercial funding for such projects by providing new risk-sharing and co-financing options to attract international and domestic investors.

"The lack of access to energy is a major obstacle for regions that already experience problems in accessing capital," says European commissioner for development, Louis Michel. "This fund can mobilise private investments and become a real source of development, especially in Africa."

According to the International Energy Agency, it is possible to reduce global demand for electricity by one third — simply by improving overall energy efficiency.

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