Helping Argentina finance a major move to renewables.
Argentina is endeavoring to introduce renewable energy generation at a similar scale to that of other Latin American countries. This corresponds to a desire by the Government of Argentina to reduce the country's reliance on fossil fuels (currently accounting for 87 percent of its energy needs) in order to reduce greenhouse gas emissions and energy costs, while also enhancing energy security.
Climate change implications for improving the status quo are evident as 43 percent of Argentina's emissions in 2012 came from the power sector. Emissions from this sector increased by 64 percent during the past decade.
The objective of this programme is to help catalyze long-term private investment in sustainable
energy in Argentina. This will be done by preparing financing packages for a set of first-moving renewable energy projects. This will then demonstrate the technical and financial viability of business models to conform with laws recently adopted by the government which support renewable energy development.
Under this programme, GCF's investment of USD 130 million is directed towards at least five renewable energy projects. The GCF investment will be provided in loans, with the option for refinancing guarantees to encourage the participation of local and international banks. GCF support joins other financial investments from the Inter-American Development Bank and Inter-American Investment Corporation.
Expected project benefits:
GCF results areas
* Train and employ unskilled or low-skilled female labour in the construction phase of the project, recruit female students in an internship at the sponsor's corporate location in Argentina and provide assessment tools and certifications on gender equality at the corporate level.
UN Sustainable Development Goal
* #7 Affordable and clean energy
Inter-American Development Bank (IDB)
Mr. Matias Bendersky
Tel: +1 (202) 623-1723
Ms. Amal-Lee Amin
Tel: +1 (202) 623-1924
ACCESS TO INFORMATION
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ACCOUNTABILITY MECHANISM OF GREEN CLIMATE FUND
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