The UK will help support innovative private companies to bring sustainable energy to some of the poorest countries in Africa and Asia.
Today International Development Secretary Andrew Mitchell announced a new results-based financing facility that is expected to help 2.5 million poor people access clean energy.
Under this new fund, a company could receive a top-up for every clean cookstove sold or new customer connected to a local energy grid powered by renewables. It will help accelerate market growth and increase the local provision of clean energy, which can then be offered at a discount to consumers.
International Development Secretary Andrew Mitchell said:
The poorest countries will only escape the inevitable impact of climate change if they have access to sustainable energy.
Government support cannot solve this alone. That why we have launched a new scheme to unlock the power of the private sector. We will support innovative companies that can prove they are making a real difference providing clean energy products and services for over two million poor people in low income countries.
Andrew Mitchell made the announcement at the Clean Energy Ministerial and Sustainable Energy for All joint press conference today at Lancaster House. This is part of a wider UK effort for clean energy in the UK and globally.
Read Andrew Mitchell’s speech in full