Brazil & IDB to promote investments in renewable energy, energy efficiency and climate change

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Source: Inter-American Development Bank

The Manager of the Inter-American Development Bank Infrastructure Department, Roberto Vellutini, and the President of the Banco de Desenvolvimento de Minas Gerais S.A. (BDMG), Paulo de Tarso Almeida Paiva, today signed a memorandum of understanding to work together to promote investments in renewable energy, biofuels, carbon financing, energy efficiency and climate change in Latin America and the Caribbean.

Expected activities under this cooperation include specialized technical assistance, investments and financing under the IDB Sustainable Energy and Climate Change Initiative (SECCI) for feasibility and prefeasibility studies and to improve access to financing for both public and private projects.

SECCI Fund

The SECCI fund was approved in March 2007 with expected donations from Japan, the United Kingdom, Germany and Spain.

The fund backs major investments in the development of biofuels, renewable energy, energy efficiency and a wide range of sustainable energy options. In certain cases, the fund will also finance programs and policies aimed at fighting climate change in the region, according to Juan Pablo Bonilla, SECCI coordinator.

Institutions eligible for SECCI funding include government ministries, government agencies dealing with the issue of climate change, planning entities, public and private companies, subnational governments, private investors, nongovernmental organizations and academic institutions.

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