Praia, Dec. 19, 2024 (Lusa) - The president of Cabo Verde has promulgated a law to create the country's Climate and Environmental Fund, he announced in a statement on Thursday, after the mechanism was developed by the government with the support of Portugal. 

The bill, which was promulgated on Wednesday, had already been approved by parliament in October, with the aim of financing projects related to renewable energies and energy efficiency.

The fund has initial finance of €12 million from Portugal, resulting from an agreement signed in June 2023 by the two countries to convert Cabo Verde's debt into investment in the country's climate transition by 2025.

The first project supported by the fund is at the tender stage: the refurbishment of the Palmarejo solar power station in the capital, Praia, an investment of €14 million.

The Climate and Environment Fund aims to attract money so that Cabo Verde can fulfill international targets used to measure the impact of greenhouse gas emissions, including the Nationally Determined Contributions (NDCs) and the National Adaptation Plan, t strengthen the country's resilience in the face of climate change.

LFO/ARO // ARO.

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