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Global Environment Facility to provide $4m grant for renewable energy

download (1)Global Environment Facility (GEF) will provide Bangladesh with a grant of $4.07 million through UNDP to implement a renewable energy power project intended to contain gas emissions.

Power Division will implement the five-year ‘Development of Sustainable Renewable Energy Power Generation (SREPGen)’ project during January 2014 to December 2018 at a total estimated cost of $53 million.

A grant agreement was signed between Bangladesh government and the UNDP on Tuesday at the Economic Relations Division (ERD).

ERD Secretary AK Azad and UNDP Country Director Pauline Tamesis signed the deal on behalf of their respective sides.

“The GEF grants will help Bangladesh in generating 10 percent of total power from renewable sources by 2020 in line with the country’s energy policy,??? said ERD Secretary AK Azad at the signing ceremony. He said the country has shown a tremendous performance in renewable energies with installing a total of 2.5 million solar home systems across the country.

With the signing, GEFs’ financing to Bangladesh has now opened up, he noted, also hoping for more supports from them in the coming days.

Speaking on the occasion, Pauline Tamesis said many developing countries are now struggling for power crisis. “It is important to have renewable energy to become a middle-income country. But it needs investments,??? she said.

ERD officials also said that local officials will need necessary training to prepare project documents to get GEF financing. Currently, the country generates most of its power from conventional sources, but for a sustainable development the country will need to take steps to generate electricity from renewable energies along with conventional sources.

In line with Bangladesh Energy Policy 2009, the country intends to generate 2,000MW of power through renewable energies by 2020.

– http://www.daily-sun.com/details_GEF-to-provide-$4m-grant–for-renewable-energy_687_1_3_1_2.html

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