Targeting market-based solutions for environmental challenges
"The Global Environmental Facility and IFC, a member of the World Bank Group, are launching today the Earth Fund, a new partnership open to the private sector, foundations, and other partners that will support innovative and market-based solutions for the most pressing environmental challenges in developing countries.""The GEF and IFC will designate $50 million and $10 million to the fund, respectively. The fund has already attracted several partners and is expected to grow to $200 million through additional contributions from private sector companies, foundations, NGOs, and other development agencies."
"To maximize its impact, the fund will use a wide array of financial instruments, including grants, soft loans, and equity participation, as well as inducement prizes that reward environmental innovation in such areas as second generation biofuels, water treatment, or clean energies." (See IFC press release for more.)tags: for-profit, ventures, entrepreneurship, developing world, developing countries, environment, funding
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