Norway will pitch in $300 million a year to allow developing nations to access energy and develop a new market-based system to limit carbon emissions – and part of its funding will come to Africa. The country plans to launch its fund, dubbed Energy+ Partnership, by June with the UK, France, Denmark, Switzerland, the Netherlands, and South Korea.
The capital for each country will be based on how developing nations can prove their increasing public access to energy while cutting emissions, according to Point Carbon News. African nations that stand to get some of the capital include Ethiopia, Kenya, Liberia, Morocco, Senegal, and Tanzania.
Why are so many funds being created when it appears that none can reach financial fruition? The Green Climate Fund, a $100-billion per year pledge to developing countries, was initiated in 2009 and yet developed nations have yet to pitch in to reach the required amount of the so-called fund. With news of a new fund emerging on almost a daily basis, it is hard to understand why developed nations can’t join together to make one fund successful before starting other initiatives.
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