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Spain Provides Additional $10 Million for Water, Clean Energy Funds
MANILA, PHILIPPINES - The Government of Spain is providing an additional $5 million each to the Asian Development Bank (ADB)-administered Water Financing Partnership Facility (WFPF) and Clean Energy Financing Partnership Facility (CEFPF).
"The two facilities were created to help mobilize finance to bolster energy and water security in our region by supporting low-carbon energy investment and more effective water management options. We hope these facilities will help our developing member countries to better address climate change challenges,” said Tadashi Kondo, Head of ADB's Office of Cofinancing Operations.
The latest commitment from Spain brings its total contribution to WFPF to $10 million. The facility, which was established in 2006 with an initial funding target of $100 million, has now received total funds of $37 million, with $31.4 million allocated to date. Other countries that have committed or made payments include Government of Netherlands (through the Netherlands Trust Fund), Australia, Austria and Norway.
Under CEFPF, established in 2007, Spain has now committed funds of $10 million, with other contributors including Australia, Norway, Japan and Sweden. It set an initial funding target of $250 million, and as of end 2009 had available resources of $70.5 million with $28.5 million allocated for projects.
The CEFPF aims to improve energy security and help countries transition to low-carbon growth by financing new, more efficient and less polluting supply and end-use technologies.
CEFPF resources are also used to finance policy, regulatory and institutional reforms which encourage clean energy development. Among activities supported by the facility are rural electrification, biomass/biofuel/biogas facilities, waste-to-energy projects and energy efficiency initiatives.
In response to international calls for increased financing for water, ADB launched its Water Financing Program to double investments in the sector between 2006 and 2010, and the Water Financing Partnership Facility is an integral part of the program. Around 70% of funds from WFPF are earmarked for water demonstration projects, while 30% are to provide knowledge and capacity support, and other services for the program.