European Commission has proposed to create Global Energy Efficiency & Renewable Energy Fund (GEEREF) aiming to speed up the transfer, development & deployment of environment-friendly technologies in poor countries.

The European Commission has presented proposals for a 100 million Euro global risk capital energy fund to help poor countries for attracting up to Euro 1 Billion for environment-friendly projects.

Stavros Dimas, Environment commissioner said that this innovation highlights commission's dedication towards encouraging developing nations in making investments in energy efficiency & renewable energy. It'll help to bring affordable, clean & secure energy to over 1.5 Billion people all over the world still living in dark ages with no electricity access.

"In spite of the growth, projects for energy efficiency & renewable energy seem to be paralyzed due to lack of significant commercial funding. This innovation by Commission looks a promising prospect especially for poor African nations," said an analyst at RNCOS.

GEEREF looks to counter such barriers by offering new co-financing & risk-sharing options for mobilizing domestic & international commercial investments, giving priority to environment-friendly technologies with an established track record.

Lack of energy access is main hurdle for nations facing problems to access capitals. This fund aims to mobilize private sector investments & can become a key development source, said Louis Michel, Development Commissioner.

The Commission is planning to put Euro 15 Million in the fund for 2007 and another Euro 65 Million between 2008-2010. Commission expects fund to mobilize additional risk capital worth Euro 300 Million & as much as Euro 1 Million in longer term.

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