Germany to back Brazil's renewables sector with EUR 419.5m

Germany will provide a total of EUR 419.5 million (USD 473.6m) in low interest rate loans and technical support for the development of renewable energy and energy efficiency projects in Brazil.

This was announced by Brazil's president Dilma Rousseff and German chancellor Angela Merkel on Thursday during the latter's visit to Brazil. Overall, Germany is expected to provide EUR 582.4 million to Brazil for the implementation of climate change initiatives, including for renewable energy schemes.

In a statement issued to the press by Brazil's Ministry of Foreign Affairs, the country commits to boost the share of renewables, beyond hydropower, in its electricity mix to 20% by 2030.

The climate change programme also includes initiatives to restore and reforest 12 million ha (29m acres) of forests and achieve zero illegal deforestation in the Brazilian Amazonia by 2030. Germany will support the effort with EUR 100 million by 2020, in addition to technical cooperation.

The European nation also agreed to lend EUR 265 million to support climate friendly urban development projects, as well as to grant EUR 23 million to back Brazil's Rural Environmental Registry (CAR) and the Brazilian Forest Code.

(EUR 1 = USD 1.129)

Choose your newsletter by Renewables Now. Join for free!