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African Carbon Facility Announces Funding for Seven Projects
2010-11-08 15:16:49.548 GMT
By Lauren van der Westhuizen
Nov. 8 (Bloomberg) -- The African Carbon Asset Development
Facility, a United Nations-backed program, will provide a total
$750,000 to seven projects in Africa in its first funding round
to help develop the continent's carbon market.
The announcement was made on Nov. 4 at the African Bankers'
Carbon Finance and Investment Forum in Johannesburg.
The program, known as ACAD, is a public-private partnership
between the United Nations Environment Program, the German
government, and Standard Bank Group Ltd., Africa's largest bank.
The partnership aims to reduce barriers to carbon market
development in Africa by providing seed financing for developers
wishing to apply for carbon credits through the United Nations
Clean Development Mechanism, Glen Hodes, spokesman for ACAD,
said today by telephone.
ACAD also provides developers with technical assistance,
preferential access to corporate financing and guidance in
transactions.
A clay brick energy efficiency project in South Africa, a
small hydropower plant in Kenya, and a LED-powered lighting
initiative in Rwanda are some of the projects chosen for funding
this year, according to a UNEP statement. Projects were chosen
based on their ability to be replicated elsewhere on the
continent, according to the statement.
A second round of financing is planned in 2011 and funding
partners are being sought, Hodes said.
For Related News and Information:
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--Editors: Jonas Bergman, Rob Verdonck
To contact the reporter on this story:
Lauren van der Westhuizen at +27-21-410-0222 or at
lvanderwesth@bloomberg.net.
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or
landberg@bloomberg.net.
