The Strategic Climate Fund, one of two funds under the Climate Investment Funds scheme, will grant US$20 million (Rf255 million) to develop renewable energy resources in Maldives, reports Haveeru.
Delivery of the grant is expected next month and will be invested in the carbon neutral plan announced by President Mohamed Nasheed, according to deputy environment minister Dr Mohamed Shareef. “We cannot do everything with this money. We can only carry out [projects] in some islands, which we have yet to determine,” he said.
“The Program for Scaling-Up Renewable Energy in Low Income Countries, approved in May 2009, is aimed at demonstrating the social, economic, and environmental viability of low carbon development pathways in the energy sector,” says the Strategic Climate Fund website. “It seeks to create new economic opportunities and increase energy access through the production and use of renewable energy.”