Germany Makes $95 Mn Commitment to CIF’s Global Energy Storage Program

In a significant development, the Federal Republic of Germany has made an unprecedented commitment of EUR 80 million (around USD 95 million) for the Global Energy Storage Program (GESP) of the Climate Investment Funds (CIF).

May 13, 2021. By Manu Tayal

In a significant development, the Federal Republic of Germany has made an unprecedented commitment of EUR 80 million (around USD 95 million) for the Global Energy Storage Program (GESP) of the Climate Investment Funds (CIF).

The USD 8.3 billion CIF is the largest multilateral climate financing instrument in the world. It provides developing countries financing for climate-resilient and low-carbon development.

Further, the new program is expected to contribute to 100 million metric tonnes of CO2 in lifetime reduced greenhouse gas emissions, up to 1.8 GW in installed energy storage capacity, and contribute USD 1.6 billion in economic value to participating countries.

Moreover, the contribution will represent a significant scale-up of CIF’s existing portfolio in the area of energy storage, which is a crucial issue in the global fight against climate change. It will go towards a pioneering CIF initiative aimed at delivering breakthrough energy storage solutions at scale in developing countries.

Commenting on the development, Dr Gerd Müller, German Federal Minister for Economic Cooperation and Development, said, “current studies show that the measures planned worldwide to combat climate change are not sufficient to meet the 1.5 degree target of the Paris Agreement. The international community therefore needs to step up its efforts to achieve the goal of a global energy transition. In addition to the development of renewable energy, investment in energy storage plays a crucial role in this regard. That is why Germany is supporting the Global Energy Storage Program with 80 million euros. However, it is clear that even more needs to be done. Wealthy countries have to further increase their pledges for international climate finance, for example by utilising revenues from emissions trading schemes.”

“A clean energy economy is within sight and energy storage is how we get there faster. With leadership from Germany and other nations, we’re deploying storage solutions in developing countries to help generate uninterrupted clean power and improve millions of lives,” said Mafalda Duarte, Head of Climate Investment Funds.

GESP is the world’s largest multilateral investment program for scaling up energy storage systems in developing countries. With the capital envisaged, the initiative sought to triple energy storage capacity in developing countries, mobilizing up to USD 9 in partner financing for every dollar invested in energy management systems, policy enhancements, technical assistance, and knowledge sharing.

Please share! Email Buffer Digg Facebook Google LinkedIn Pinterest Reddit Twitter
If you want to cooperate with us and would like to reuse some of our content,
please contact: contact@energetica-india.net.
 
 
 
Next events

 

Last interview
 
 
Privacy Policy (PDF) / Terms and conditions (PDF)
 Energetica India is a publication from Editorial Omnimedia. No reproduction in whole or part of content posted on this website.