Economy
Backed $720 Million Programme Targets Green Industry
BirrMetrics · 2 hours ago · Read the Full Story on BirrMetrics
AI SUMMARY
The Green Climate Fund, UNIDO, and Finance in Motion have launched a 720 million dollar financing programme to accelerate the transition to low-carbon economies in 10 developing countries.
- The Green Climate Fund (GCF), the United Nations Industrial Development Organization (UNIDO) and Finance in Motion approved a 720 million US dollar financing programme.
- Known as the Transformation Pathways Initiative (TPI), the programme accelerates the transition to low-carbon economies in developing countries.
- The initiative targets industrial and agri-food systems to expand access to investment capital and address financing gaps in emerging economies.
- The programme supports investments intended to reduce greenhouse gas emissions, strengthen climate resilience, and attract private-sector funding.
- UNIDO Director-General Gerd Müller stated that integrated financing is necessary to reduce risks and create quality employment opportunities.
- The first phase covers 10 countries: Côte d’Ivoire, the Dominican Republic, Ecuador, India, Mexico, Nigeria, Peru, Serbia, South Africa and Uzbekistan.
- Selected economies feature diverse industrial structures and development priorities across manufacturing and agri-food value chains.
- Developing economies face pressures to finance climate adaptation and emissions reductions while maintaining industrial and employment growth.
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