The UK’s Green Investment Bank (GIB) and the government have agreed to launch a £200 million global investment fund, writes Energy Live News.
The new three-year pilot joint venture is in addition to the GIB’s pledge to invest £3.8 billion in UK projects.
GIB plans to initially target India, East Africa and South Africa, focusing on investments in energy efficiency and renewable energy.
It said its approach will match the business model it has developed for the UK, which means “investing in green commercial projects and mobilising additional private sector capital”.
GIB is finalising the programme and will work to create a team for managing it, which will be overseen by a board with members from DECC and the bank.