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A View to the Future The GEF has supported developing countries and economies in transition in opening up their regulations to renewable energy generation. Meanwhile, it has kept building and enhancing local capacities to adopt, finance, install, operate, and maintain renewable energy technologies. Investments in promising precommercial and commercial RETs have been an essential element of the GEF strategy. Over the past 18 years, the GEF has supported the transfer of more than 20 RETs to the developing world. To June 2009: The renewable energy portion of the GEF climate change portfolio amounts to US$1.1 billion with a cofinancing of US$8.3 billion. The GEF is the largest public-sector funding source to support new, emerging renewable energy technologies and practices in the developing world. GEF-supported activities on RETs so far are expected to directly avoid at least 290 million tonnes of CO2 On average, the GEF spends US$3.97 per tonne of CO2 emissions avoided. In the near future, the GEF support to renewable energy will focus on the following areas: Create conducive markets to renewable energy: GEF intervention under this objective will be a combination of technical assistance for policy and regulatory support, building the technical and institutional capacity, and establishing financing mechanisms for investment in the deployment and diffusion of renewable energy technologies. Invest in the transfer of RETs: The GEF will expand its investments in the transfer of commercially proven RETs and emphasize market demonstration and commercialization of new, promising technologies. The GEF will step up its efforts to promote the next phase of intervention for successfully demonstrated technologies with the aim of removing further barriers to commercialization and bringing the cost down over time. Promote access to modern energy services: Given the acute demand for energy access and services in rural areas in developing countries, GEF support will also cover decentralized production of electricity and heat using indigenous renewable sources. GEF investments will be boosted, particularly in Sub- Saharan Africa, South Asia, and Small Island Developing States, where most people, especially in rural areas, have no access to electricity and rely on traditional biomass and imported fossil fuels to meet their basic energy needs. INVESTING IN RENEWABLE ENERGY: THE GEF EXPERIENCE 29PDF Image | INVESTING IN RENEWABLE ENERGY: THE GEF EXPERIENCE
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