Credit: Creative Commons/Activ Solar
There has been much advancement in the world of energy that are bringing society to a much more energy efficient and eco-friendly way of living. Abu Dhabi is helping to really get the ball rolling on this new type of energy that will make a great impact in our world today. Abu Dhabi is looking to create a fresh new round of funding to projects that are focused on renewable energy all over the world. The Abu Dhabi Fund for Development along with the International Renewable Energy Agency are looking to raise about 50 million dollars in fourth round funding for applications of renewable energy. This funding will help secure better alternative energy sources that will help our carbon footprint.
This funding is mainly targeted at developing countries that don’t have as easy access to funding for alternative energy sources. The Abu Dhabi Fund for Development (ADFD) has a commitment of 350 million dollars that they are pledging to underdeveloped countries. This money will be given out in 5 to 15 million dollar loans. These loans will have a much lower interest rate than most traditional loans which will make them much easier for developing countries to pay back. With a 1 to 2 percent interest rate these loans will be very inciting for these developing countries.
Those who received these loans will have 20 years to repay them. This is a schedule that is designed to help many of these developing countries have an easier way to pay back these loans successfully. This funding is expected to create alternative energy sources for nearly 600,000 individuals. One project set to be created is an 18 million dollar solar park that will help to create a great amount of energy for many individuals. There are many different projects that will be created due to this amazing funding.