Description/achievement of initiative
Offer support for clean energy through several activities detailed below.
The commitment will be achieved through offering support for clean energy:
i) public funding for above-market premiums (e.g. to partially cover feed-in tariffs, lighthouse PPAs or other types of performance-based incentives),
ii) a private fund to increase access to equity and debt for project development and ensure financial closure.
Arrangements for Capacity-Building and Technology Transfer
Coordination mechanisms/governance structure
World Bank Group, including MIGA & IFC
To be determined
Open to additional partners
GET-FiT Plus concept to be piloted in Uganda, potentially supported by a WB Partial Risk Guarantee to mitigate risks associated with payment of feed-in tariff. IFC will potentially support the private entrepreneurs and local debt financing needed in such projects. In addition, through its guarantee products, MIGA can support qualified cross-border investments carried out by private sector. The CIFs will provide risk mitigation for clean energy in countries including India, Maldives and Philippines. The Bank will also continue to provide risk mitigation instruments to support mobilization of private financing for our client countries through Partial Risk and Partial Credit Guarantees.
Sustainable Development Goals and targets
Resources devoted to implementation