France’s former energy minister, Jean Louis Borloo, is looking to raise $3 billion from donors to fund renewable projects in Africa. Borloo said his Energies for Africa project already had commitments from Western governments. The funds would be used to aid African nations in meeting their respective share of costs for renewable projects.
Borloo hopes to showcase the project at the global climate summit in Paris in December.Borloo, in a Reuters report said that once the initial fund was established, African nations would pay annual quotas to make it sustainable, with high polluting countries paying more than low polluters.
"We have already met 44 heads of state who have come on-board. European and American partners support the initiative and have promised to contribute to it," Borloowas cited by Reuters as saying.
Borloo said the target was to have the renewable energy fund reach $4 billion by 2017 and $5 billion by 2018.