A global EUR 100 million risk-capital fund to boost private investment in energy saving and renewable energy in developing countries is being set up by the European Commission. Up to EUR 80 million is being put into the Global Energy Efficiency and Renewable Energy Fund (GEEREF) by the EU over the next four years, with the rest coming from other public and private sources. It expects the fund will help finance EUR 1 billion of projects. Despite the huge potential for renewables in developing countries, projects find it difficult to raise commercial funds, largely due to a lack of risk capital. GEEREF will provide new risk-sharing and co-financing options to mobilise commercial investment, working through a number of regional sub-funds for the African, Caribbean and Pacific regions, North Africa, non-EU Eastern Europe, Latin America and Asia. The focus will be on investments below EUR 10 million. Triodos International Fund Management and E+Co are to set up GEEREF in co-operation with the European Investment Bank and the European Bank for Reconstruction and Development.
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