Finland invests millions in African wind power and climate projects

Summary:
Finland is to invest EUR 1.54 million in climate projects in Africa. The funding is used to support the development of climate projects particularly in the poorest countries. The money can be used, for example, for the research on wave power utilisation or storing electricity, or to develop completely new earning models.

The Minister for Foreign Trade and Development Anne-Mari Virolainen says in a press release that more than a billion people do not have electricity. Whether they get their electricity from fossil fuels or renewable sources makes a difference.

She adds that in developing countries, electricity supply is also a human rights issue. Lack of electricity hinders the development of societies.

The new collaboration agreement is a continuation to the climate fund established by Finland and International Finance Corporation last year. The fund will invest EUR 114 million in climate and energy projects in the developing countries during the next four years. This is not a donation, but the investment is expected to be paid back, with interests.

The first investment of the fund was made in a major project by Gaia Energy, which aims to build 22 wind power plants in nine different African countries.

Though Finland’s investment is great, it is not enough. The role of Finnish funding is to facilitate private capital investments and to open the market in developing countries.

Media:  Turun Sanomat , YLE Uutiset
Date: 11.10.2018
Journalist:
Main source: Minister Anne-Mari Virolainen

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