Australia joins clean energy financing partnership facility

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Source: Asian Development Bank

AusAID has contributed A$7 million for 2007-2008 to the Clean Energy Fund, a multidonor trust fund under the Clean Energy Financing Partnership Facility. AusAID is the first financing partner to contribute to the Asian Development Bank's (ADB) multi-donor trust fund. AusAid plans to provide a further A$25 million by 2011.

The Clean Energy Financing Partnership Facility was launched in April 2007 as an innovative mechanism to pool various forms of additional development assistance for clean energy under one roof.

The multi-donor fund under the facility supports grant components of investment projects and technical assistance. 'The facility accepts contributions from bilateral, multilateral and individual sources, including companies and foundations,' says Xianbin Yao, ADB Acting Director General, Regional and Sustainable Development Department.

'The facility brings additional financial and knowledge resources to projects to improve energy security in ADB's developing member countries and decrease the rate of climate change,' says Anil Terway, Co-Chair of the Energy Sector Committee. 'Through the facility, we can demonstrate that better collaboration among governments, financing partners and the private sector can boost the efficiency and impact of projects,' adds Co-Chair Seethapathy Chander, Deputy Director General, Private Sector Operations Department.

'The facility is a new multi-partner cooperation platform,' says Werner Liepach, Principal Director of ADB's Office of Cofinancing Operations. 'Resources from the facility may be provided for clean energy projects through grants, concessional loans, guarantees, or other forms of assistance under framework agreements.'

All of ADB's developing member countries are eligible for support for activities prioritized under the clean energy program.

Activities under the trust fund component of the facility may be made available to central and local governments, government agencies, and other entities, including government organizations.

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