Accelerating the Transformational Shift to a Low-Carbon Economy in the Republic of Mauritius (GCF-FP033)

Countries
  • Mauritius
Where the impacts of the investment may be experienced.
Financial Institutions
  • Green Climate Fund (GCF)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 1, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Ministry of Finance and Economic Development
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 28.21 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 191.39 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ GCF website

Updated in EWS Aug 18, 2017


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Project Description
Helping Mauritius mainstream renewable energy and reduce its reliance on fossil fuels. With imported fossil fuels supplying 84 percent of Mauritius' primary energy requirements, the country is vulnerable to outside energy shocks, like many other Small Island Developing States (SIDS). Also, greenhouse gas emissions are increasing at a rate of 3 percent per year, while the country's energy generation mix is dominated by imports of coal (39 percent) and fuel oil (38 percent). This project is aimed at enabling the Government of Mauritius to meet its target of using renewables to supply 35 percent of the country's energy needs by 2025. This is part of a broad national strategy to reduce the country's dependence on fossil fuels aE“ to enhance energy security and climate change mitigation, and to improve the country's balance of payments. The project will remove bottlenecks to investments in low-carbon development in two phases:
Investment Description
  • Green Climate Fund (GCF)
Contact Information
ACCOUNTABILITY MECHANISM OF GREEN CLIMATE FUND The Independent Redress Mechanism (IRM) is the independent complaint mechanism for a person or people who have been or believe they are likely to be adversely affected by a project or programme funded by the Green Climate Fund. If you submit a complaint to the IRM, it may seek to address the issues raised by facilitating a problem-solving dialogue or, if that is not possible, conducting an independent investigation into whether the GCF has complied with its environmental and social policies. The IRM is newly created and is still in the process of developing its procedures and website. More information about the IRM and how you can file a complaint is forthcoming. You can contact the IRM at irm@gcfund.org.