The Green Climate Fund (GCF) has approved the Solar IPP Support Programme for Nigeria, which is expected to benefit no less than one million households in the country.
The $100 million project forms part of the nine new climate resilience and low emission projects totaling $440 million that were endorsed at the 22nd meeting of the GCF Board in South Korea.
According to sources, the Nigerian project will “reduce or avoid 476,487t CO2 eq on an annual basis, and 9,529,739 t CO2 eq. over the life of the programme”.
“The programme is also expected to reduce the perceived risks of investing in the Nigerian renewable energy sector and catalyse private sector investment in the area, through a commercial tranche, on a best effort basis.
At the meeting that saw the IP selection of Yannick Glemarac as its new executive director, the GCF took steps to strengthen operations, reinforce standards and close policy gaps. The meeting also approved the selection of nine new project partners to become Accredited Entities to GCF.
Co-Chair, Nagmeldin Goutbi Elhassan Mahmoud, said, “We have taken a series of positive decisions at this Board meeting that set us on a path for a successful and ambitious replenishment of GCF, in particular the selection of Yannick Glemarec as our new Executive Director.”