16 March 2010: The Trust Fund Committee of the Clean Technology Fund (CTF), which met on 15 March 2009, in Manila, the Philippines, endorsed US$400 million in funding for Indonesia’s geothermal power sector to meet the Government’s goal of reducing greenhouse gas (GHG) emissions by 26% by 2020.
Indonesia will use co-financing from the multilateral CTF to expand large-scale geothermal power plants and to accelerate initiatives to promote energy efficiency and renewable energy by creating risk-sharing facilities and addressing financing barriers to small- and medium-scale investments. The plan aims to mobilize an additional US$ 2.7 billion from a range of other sources.
Other countries that have received CTF funds include the Philippines, Thailand and Viet Nam. In addition to the Indonesian plan endorsement, the CTF Manila meeting also endorsed plans for Colombia (US$150 million), Kazakhstan (US$200 million) and Ukraine (US$350 million). The new endorsements bring the total of CTF-funded Investment Plans to 13. Egypt, Mexico, Morocco, South Africa and Turkey already have Investment Plans endorsed, and are in the process of developing and implementing projects.
Furthermore, five countries in the Middle East and North Africa have undertaken a US$750 million regional Investment Plan for scaling up concentrated solar power. The meeting of the CTF will be followed by the Climate Investment Funds (CIF) Partnership Forum, which will take place from 18-19 March 2010, at the same venue.[IISD RS Sources] [World Bank Press Release] [IISD RS coverage of CIF Partnership Forum]