COOPERATING AGENCIES
Global Environment Facility
(GEF), UNEP/DTIE and UNEP/DGEF are jointly responsible for the implementation
of the project. The GEF has recognized the importance of its support
for risk mitigation instruments for renewable energy projects since
increased funding availability for renewable energy investments
to leverage private finance is one of the GEF's strategic priorities.
Accordingly, the GEF
has provided support in various types of contingent finance mechanisms,
including contingent loans and grants to mitigate the risks of investments
and the high costs of project development. Thus, given the few relevant
commercial activities in this area and a variety of possible modalities
of potential risk management instruments where the GEF could intervene
effectively, the GEF decided to support this project which aims
at assessing such options and providing the GEF with key proposals
on appropriate financial risk management instruments. Therefore
this project may impact future GEF decision making, considering
that significant financial resources are required to create financial
risk management instruments. The GEF secretariat is member of the
project's Steering Committee and Advisory Group.
BASE's mission is to
promote and facilitate investment in energy efficiency and renewable
energy to accelerate worldwide commercialization of sustainable
energy and to contribute to global climate protection, poverty mitigation,
and conflict prevention. In March 2001, the Canton of Basel-Stadt
(Switzerland) and the United Nations Environment Programme (UNEP)
established BASE as a UNEP Collaborating Centre with the function
of supporting UNEP's energy programme, particularly in the area
of promoting new approaches to financing sustainable energy in developing
countries. BASE is a partner in this project but also in the UNEP
Sustainable Energy
Finance Initiative (SEFI), in other projects of UNEP
Energy Branch
and in UNEP Finance Initiative.
Over the last two decades,
the World Bank (WB) Group has been helping its partner countries
take advantage of opportunities to improve the use of renewable
energy and energy efficiency.
This project is in connection
with the WB's work on tools for risk management in clean technology
investment which focuses on Carbon Development Mechanisms (CDM)
and Joint Implementation (JI) projects including renewable energy.
The on-going WB/GEF projects "the Geothermal Development Fund for
the Europe Central Asia Region (GeoFund) and the Russia Renewable
Energy Programme (RREP) were the basis of collaboration between
the WB and UNEP. The WB is closely involved in the consultation,
discussions and peer-reviews of the assessment results. WB is member
of the project's Steering Committee.
UNDP-GEF's contribution
to the project includes participation in discussions and consultations
with industry stakeholders and collaboration through offering UNDP-GEF
project case studies. UNDP is also member of the project's steering
committee.
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