Renewable Energy Market Transformation (REMT)

Promote grid-based renewable power generation both for utility sales by power developers and for self-generation and consumption by sugar and paper industries. Promote commercial solar water heating to displace electric water heating. Assist government to create policy and institutional frameworks for renewable power generation through technical assistance, followed by investments from carbon and private financing sources. Some investments will take place based on World Bank Prototype Carbon Fund (PCF) financing (piloting a promising model in which GEF establishes favorable conditions, and PCF/carbon funds finance the actual investments). Development objectives to promote local economic development. Concept fits within three strategic priorities: power-sector policy, financing availability (from private and carbon financing), and market transformation (for solar water heaters).