Press Advisory | AP Wire Story on Solar Fund | Solar Venture Fund Proposal

Overview

Join Global Green USA (GG USA) and Green Cross International (GCI) presented the call for a $50 billion global solar fund in Bonn at the intergovernmental Renewables 2004 conference (read press advisory). The Fund is also presented at the International Forum of Cultures ("The Peoples Forum") in Barcelona, Spain on June 2.  GCI Chairman Mikhail Gorbachev is presenting the Solar Fund at the Energy Dialogues portion of the Forum to highlight a ways to drive down the cost of solar for the energy poor in the developing world, and to reduce peak demand in urban centers. 

Main Objective(s)

• Create sufficient funding for solar photovoltaic systems and the use of photovoltaic systems to drive down the cost.
• Increase the quality of life in rural areas in the developing world.
• Increase electricity system stability in urban centers worlwide.
• Promote energy security and stability for a peaceful future, as well as reduce existing and future greenhouse gas and air emissions
• Establish USD 50 Billion Global Solar Fund
• Set a concrete global goal and vision for increasing the implementation of photovoltaic systems. (To date these goals have been established at the regional or national level).
• Support photovoltaic systems, which are particularly applicable to rural areas in the developing world, as solution for 2 billion energy impoverished indviduals around the world.

Expected Results

• Reduction in the price photovoltaics to below 10 cents/KWh, thus making the technology comparable to other energy generation options.
• Improved quality of life in rural areas of developing countries where electricity plays a major role in imroving access to clean drinking water, and increased grid reliability in urban areas globally.
• Financially feasible option for large-scale solar-generated hydrogen.

Target Area /Place

Rural areas and cities in developing world in particular Africa, urban centers in industrialized world with constrained grids, bad air pollution.

Financial Tools

The Global Solar Fund will be financed by local, regional, and national governments through a variety of financial tools. These include grants, loans, tax incentives, and development bonds.The Fund will also include industry commitments to reduced cost installations.

Monitoring Process and Time Frame

The Fund is a 10-year effort. Commitments to the Fund will be tracked by a central agency (e.g., GEF) and managed under the auspices of the United Nations. Green Cross will also monitor commitments to the Fund and advocate for additional commitments. 50% or more of the Fund will be dedicated to the energy impoverished developing world - in rural areas and cities -- through the multi-lateral central agency, and coordinated bi-lateral commitments. Installations in urban centers in industrialized countries that are funded and coordinated locally will also be tracked by the agency.

Contact

Matt Petersen, President, Global Green USA, and Chair, Green Cross International Energy and Resource Efficiency Program; (310) 581-2700 x105, mpetersen@globalgreen.org. Web site: www.gci.ch.

Watch Leonardo DiCaprio's "Global Warning" Leonardo DiCaprio, The DiCaprio Foundation, Tree Media Group, and Global Green USA partnered to create this important message on global warming, our nation's dependence fossil fuels, and viable alternatives.

In addition to taking personal action and supporting companies who make energy efficient products, we also need to urge our local, state and national political leaders to join the global community and support initiatives that will reduce our carbon emissions. The Hollywood community signed this on March 3, 2006.