Air Clean Up
European Investment Bank provides green energy funding to Latin America
Sep 04 2013 Read 2088 Times
Monetary support is to be provided by the European Investment Bank to areas across Central America in order to help reduce air pollution that can affect climate change. Some $230 million (£147 million) is to be awarded to projects across six countries to provide wind, hydropower, photovoltaic and geothermal energy schemes.
El Salvador, Honduras, Costa Rica, Panama, Nicaragua and Guatemala are to benefit from the funding provided by the European Investment Bank, along with further funding from the Central American Bank for Economic Integration. In total $500 million will be available to provide green energy alternatives to the countries.
A similar scheme was run in 2011 by the two organisations, which proved successful in bringing hydropower to energy generation to Costa Rica. Projects such as this can help to provide more affordable energy to residents and to help the countries reduce carbon dioxide emissions, which can benefit the globe.
“Considerable investment is needed to harness the potential of renewable energy and more efficient energy use to reduce carbon emissions and provide energy essential for economic growth. The European Investment Bank is committed to supporting long-term investment in sustainable energy around the world and enabling low-carbon energy investment in Central America," said Magdalena Alvarez, vice president responsible for lending in Latin America for the European Investment Bank.
It is hoped that the scheme will help to reduce Central America's dependence upon fossil fuels for energy generation. Both the public and private sectors will be supported by the funding and provided with energy-efficient projects. In order to be eligible for a slice of the funding, projects have to comply with a number of social and environmental standards.
Since the European Investment Bank began providing funding for countries in Latin America, over EUR 5.7 billion has been provided to help long-term projects. Of that funding some EUR 1.9 billion has been provided to the energy sector in order to provide more alternative, green energy solutions, so as to reduce carbon emissions and fossil fuel dependence.
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