CIF okays USD-70m to back Brazil's green transition

The Climate Investment Funds (CIF) has approved a USD-70-million (EUR 64.2m) plan to support grid flexibility for clean energy integration in Brazil.

The green light was given by CIF's governing board.

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The concessional finance from CIF’s Renewable Energy Integration (CIF REI) investment platform is meant to speed up the green energy transformation in Brazil and help mobilise a total of USD 9.1 billion from partners. The amount includes USD 8 billion in private investments from the Inter-American Development Bank (IDB) and the World Bank Group.

Under its green transition plan, the country plans to build green hydrogen production at the Pecem hub, in Ceara state, with a planned capacity of 6 GW by 2034.

The funding will also help advance clean energy access for 3.1 million people, improve grid flexibility for clean energy integration and modernise local hydropower plants with a capacity of 4,947 MW.

CIF noted that Brazil seeks to double its renewable energy capacity, reducing emissions by at least 57 million tonnes of carbon dioxide (CO2) equivalent.

(USD 1.0 = EUR 0.918)