£50 million of existing funds allocated to boost investment in renewables

28 May 2015 07:13 PM

The UK government has committed £50 million of existing funding to the Climate Development Finance Facility (CDFF) to help developing countries tackle climate change.

The £50 million will be allocated from existing funding that has already been committed to the International Climate Fund (ICF) to reduce poverty by helping developing countries to take up low carbon growth and adapt to the impacts of climate change.

The CDFF is being set up to encourage private sector investment into renewable energy projects in developing countries where project finance is limited, costly, and time-consuming.

The project was developed by the Global Innovation Lab for Climate Finance – a global platform that brings together governments and major investors to identify and tackle the barriers to low carbon investment.

Notes to editors