PUBLIC PROPOSAL FOR FINAL CONSIDERATION. Project Fact Sheet NORDIC DEVELOPMENT FUND

Transcription

1 NORDIC DEVELOPMENT FUND PUBLIC Board of Directors meeting IIU2016 on 22 November 2016 in Helsinki, Finland Agenda no PROPOSAL FOR FINAL CONSIDERATION Project Fact Sheet Partner Agency World Bank Executing Agency World Bank and Lake Victoria Basin Commission Sector Industrial Development CRS Code: Region East Africa (Burundi, Kenya, Rwanda, Tanzania, Uganda) Budget USD 164,400,000 - NDF EUR 4,000,000 (USD 4,400,000)' - Partner Agency USD 142,000,000 (~ 80%disbursed) - Other Funders GEF (USD 7 million 100% disbursed); Sida (USD 11 million 100% disbursed) Project Period Mode of Finance Joint co-finance Previous Support to Credits: EUR million; SDR: 21.8 million (Kenya, Rwanda, Tanzania, Region Uganda) Grants: EUR 36.9 million (Kenya, Rwanda, Tanzania, Uganda) Rio Markers Mitigation: 2 =principal objective Adaptation: 2 =principal objective Gender Marker 1 =significant objective Climate Screening Yes Satisfied Processing Schedule Pipeline - Jun 2016 Final - Nov 2016 Signing - Feb 2017 Disbursement Effective - May 2017 i Exchange rate 1 EUR = 1.1 USD

2 PROJECT SUMMARY NDF Grant: EUR 4,000,000 Project Period: Partner Agency: World Bank Implementing Agency: World Bank and Lake Victoria Basin Commission Objective The Lake Victoria Basin Resource Efficiency and Cleaner Production (LVB-RECP) project aims at catalysing private sector investment in cleaner and more efficient industrial production and supply chains throughout the Lake Victoria watershed basin. It is regional in scope covering the five East Africa Community (EAC) member countries (Burundi, Kenya, Rwanda, Tanzania and Uganda) and falls under the World Bank-led Lake Victoria Environment Management Program Phase 2 which targets improved management of critical natural resources within the Lake Victoria basin. RECP activities piloted previously under the same World Bank program led to over USD 80 million in direct investments by private sector firms operating around the Lake basin in upgrades to systems, processes and technologies. These investments resulted in savings to the firms, improvements in management and conservation of critical natural resource inputs, notably, water, and greenhouse gas emissions reductions due to more efficient electricity usage. The aim for the new project is to build awareness around RECP successes to date and scaleup the reach and leverage of the project with new partners, including small and medium-sized enterprises (SMEs), in new value chains. It links well with other NDF financing in the region and positions NDF as a rising partner for green growth and climate resilience in the 5 country EAC region. Financing The overall project cost for LVB-RECP is approximately USD 4.4 million out of total financing to the World Bank Lake Victoria Program of approximately USD 164 million, including the NDF grant. All activities under LVB-RECP will be fully financed by NDF. Results from the project will feed into the design and implementation of future phases of World Bank led activities in the Lake basin. m

3 TABLE OF CONTENTS 1. INTRODUCTION AND PROJECT BACKGROUND RELEVANCE AND RATIONALE Project Relevance Relevance to NDF's Mandate and Strategy THE PROPOSED PROJECT Objectives Project Activities Cost Estimates and Financing Plan Nordic Interest NDF's Added Value and Comparative Advantage IMPLEMENTATION ARRANGEMENTS Technical Aspects Institutional Aspects and Project Organization Procurement and Contract Structure Risk Analysis Monitoring and Evaluation ECONOMIC AND SOCIAL ASPECTS Economic Justification Environmental and Social Aspects CONCLUSION RECOMMENDATION... 9

4 ABBREVIATIONS AGF EAC GGF GHG LVB LVBC LVEMP NCPC RECP SIDA SME African Guarantee Fund East Africa Community Green Guarantee Facility Greenhouse Gas Lake Victoria Basin Lake Victoria Basin Commission Lake Victoria Environment Management Programme National Cleaner Production Center Resource Efficiency and Cleaner Production Swedish International Development Cooperation Agency Small and Medium Enterprises iv

5 1. INTRODUCTION AND PROJECT BACKGROUND This proposal seeks final approval from the NDF Board for EUR 4 million to support the Lake Victoria Basin Resource Efficiency and Cleaner Production (LVB-RECP) project. The project is aimed at catalysing private sector investment in cleaner and more efficient industrial production and supply chains throughout the Lake Victoria watershed basin. It is regional in scope covering the five East Africa Community (EAC) member countries (Burundi, Kenya, Rwanda, Tanzania and Uganda). The project is an extension of one sub-component of the Lake Victoria Environment Management Program Phase 2 (LVEMP 2) targeting reductions in industrial pollution, emissions and critical resource waste within the Lake Victoria basin. LVEMP 2 began implementation in 2009 with the aim to tackle the environmental challenges of the Lake Victoria basin over the long-term and basin-wide to improve the welfare of its inhabitants. It aims to finance: Improvements in collaborative management of shared natural resources among the five EAC states; and Improvements in environmental management of targeted pollution hot-spots. The LVB-RECP project will finance scale-up and continuation of successful RECP activities to cover the period bridging the end of LVEMP 2 and a preparation phase for a possible LVEMP 3. The RECP sub-component has been a relatively small but highly successful piece of the overall LVEMP 2 program. The previous RECP component was funded by a grant of approximately USD 4 million from the Swedish International Development Cooperation Agency (Sida) out of a total allocation of approximately USD 160 million from all partners for LVEMP 2. This relatively small grant has resulted in over USD 80 million in direct follow on investments by private sector in RECP upgrades around the lake basin. Industry surveys and case studies of participating firms make clear both the business case and the climate case for RECP investments. Greenhouse gas (GHG) emissions, water waste, pollution and other negative environmental impacts of industry in the lake basin have all been reduced through RECP actions while cost savings have gone up for participating firms. The aim for the new project is to build awareness around RECP successes to date and scaleup the reach and leverage of the project with new partners, including small and medium-sized enterprises (SMEs), in new value chains. Results from the proposed project will feed into the design and implementation of the next phase of LVEMP. Pending final approval from the NDF Board during its November meeting, signing and project start-up are targeted for the first half of 2017.

6 2. RELEVANCE AND RATIONALE 2.1. Project Relevance Lake Victoria is the largest lake in Africa, and its watershed basin includes major areas of 5 countries (Burundi, Kenya, Rwanda, Tanzania and Uganda), 4 of which are NDF target countries. The Lake Victoria basin is a major population and poverty center in Africa, a transboundary natural asset of global importance and home to around a third of those below the poverty line in the EAC. The Lake Victoria basin has also become a global example of environmental degradation. Existing vulnerabilities, including pollution, loss of soils, watershed function and stress on aquatic ecosystems are exacerbated by climate change, as temperatures rise and rainfall becomes more erratic. Extreme climatic events, including floods, droughts and landslides, as well as added stresses on water resources are expected to increase. LVEMP 2 has been working to reduce the environmental stresses on the lake through targeted investments in watershed management, sanitation and wastewater treatment. However, there is wide recognition that there is a need to galvanize the private sector to do the same both to reduce stresses on the environment and to enhance resilience of the Lake Victoria basin economy. This led to the introduction of a pilot RECP program to engage private industry within the lake basin to assess their production systems and adopt greener practices and technologies. Based on follow on investments by private sector cited above, the pilot effort was markedly successful and there is strong justification for scaling up the effort and extending outreach to new partner industries Relevance to NDF's Mandate and Strategy This proposal is well aligned with NDF's climate mandate and key Strategic Focal Areas. RECP recommendations deriving from the project will lead to reduced GHG emissions and enhanced management and resilience of critical natural resources facing climate stress in the lake basin, most notably, water. Mitigation. The project will catalyse private sector investments in energy efficiency and small scale renewable energy generation as a result of RECP interventions. Projections for GHG emissions reductions deriving from the project are estimated based on results from the pilot phase and target at least 30,000 tons of indirect CO2 reductions on an annual basis as a result of follow on investments by private sector participants. This target is included as a measureable indicator in the project results framework (see Annex 1). Adaptation. The Lake Victoria basin is a textbook case of climate change compounding existing stresses on natural resources, specifically water, stemming from poor management, overuse and environmental degradation. Water is key to the wellbeing of communities and essential to livelihoods and economic activity throughout the Lake Victoria basin. Managing this shared resource is an essential part of building climate resilience for the region.

7 The EAC Climate Change Master Plan adopted in 2011 characterizes water quality in and around the lake as in "severe decline" and explicitly calls for more effective and efficient transboundary management of available water resources as part of an adaptation strategy for the region. NDF financing responds to this call and will support actions to directly tackle the role of private sector in the overall water management framework for the region. The project also responds directly to NDF strategic focal areas including support for private sector, catalytic role and leverage and support for innovation. Support for Private Sector Development. RECP has proven to be a compelling and effective way to engage private sector on climate change. It enables a dialogue with industries about opportunities in energy efficiency, use of renewable energy, recycling and water savings and frames it in the context of industry bottom line and cost savings. Catalytic Role and Leverage. The pilot phase of RECP interventions has now convincingly demonstrated a track record of direct leverage of project funds, achieving a leverage ratio of follow on investments by private sector of more than 1:10. It also demonstrated concrete cost savings to individual firms as well as short payback periods for RECP investments. The new project is expected to leverage these results and specific case studies compiled by the various NCPCs to scale-up impact and expand outreach to SMEs. Support for Innovation. NDF has promoted a shift towaxd cost sharing with private sector beneficiaries of the project as a means of promoting sustainability of project funds. As a result, the project will pilot a cost sharing framework with private sector partners on in-plant assessments. This effort will explore the business case for sustainable revenue generation for the National Cleaner Production Centers (NCPCs) leading implementation of the activities in each of the 5 EAC countries. Experience with this cost sharing pilot will also directly impact design of private sector components for the follow-on phase of LVEMP. 3. THE PROPOSED PROJECT 3.1. Objectives The objective of the project is to engage the private sector as an active partner in RECP within the Lake Victoria basin. The project will build on a track record of engagement with private sector to expand coverage of core activities from the previous phase and to bring in new elements, notably, support for improved monitoring capacity of regulatory authorities across all 5 countries and support for exploring engagements beyond specific industrial facilities toward a more holistic approach for greening entire supply chains. The project ultimately aims at impacting and informing design and scope of the next phase of LVEMP Project Activities The proposed project leverages the results of an RECP pilot supported by Sida under LVEMP 2 to scale-up RECP throughout the region. It consists of 3 key components as follows. Component 1 -Scaling-up RECP Activities: The bulk of proposed funding targets Component 1 which aims to scale-up the scope of engagement of RECP activities with the private sector. 3

8 The purpose of RECP engagement is to establish the business case for efficient and climate sensitive use of inputs. Interventions will serve to guide industry stakeholders in adoption of greener and more efficient technologies and production strategies that improve use of natural resources, minimize waste and emissions, and foster safe and responsible production. Specific activities consist of industry mapping, RECP training and awareness raising together with individualized, in-plant assessments conducted jointly with participating firms. In-plant assessments represent the largest chunk of funding under Component 1, approximately USD 700,000, and take stock of aspects of production from energy usage and sources of energy to choice of technologies, supply chain management and consumption of raw materials, notably water. Assessments produce a set of individualized recommendations for each firm designed to cut costs and improve resource efficiency and clean production standards. Implementation of this component will be led largely by NCPCs in each country with regional coordination provided by the Lake Victoria Basin Commission (LVBC) and technical support provided by the Kenya NCPC. This component will also include an industry mapping study identifying pollution hot spots and implemented by the World Bank. NCPCs will leverage lessons learned and the experience of "RECP champions" from the previous phase to expand the scale and scope of engagement under the new project. This will entail outreach beyond large firms to SMEs as well as to new value chains and sectors. This will also entail piloting a co-finance framework setting a target for individual firms to participate in sharing the cost of in-plant assessments. Component 2 -Strengthening RECP Enabling Environment: Component 2 will aim to strengthen the incentives for companies to adopt RECP practices through engagement and training targeted at policy and regulatory agencies in each of the participating countries. Financing will cover development of environmental monitoring and disclosure systems as well as capacity building for environmental audit inspections. Institutional assessment and capacity building for enforcement of environmental regulations will take stock of the existing policies and regulatory environments and emissions standards to identify gaps and recommendations for incentives to strengthen the overall enabling environment for cleaner production. There are a number of legal and regulatory policies that can be investigated, such as tax incentives, taxation on pollution or natural resource use and incentives to attract skilled labour. Environmental performance disclosure will be conducted through strengthening data collection and monitoring and making information related to environmental performance of the industries available to the public. This component will also look at the financing environment and include funding for facilitating access to follow-on financing with particular focus on supporting SMEs to engage directly with commercial banks and obtain loans for specific RECP actions. This component will also look at enhancing the financial sustainability of RECP programs and will absorb lessons learned from the co-finance pilot in Component 1. Implementation will be undertaken jointly by LVBC and the NCPCs in each country. Component 3 -Piloting Green Growth: Component 3 will pilot an effort to look beyond the traditional "in-plant" setting for RECP assessments toward greening of supply chains with 4

9 a more holistic view of stakeholders, tying in participants in the supply chain both upstream and downstream from industrial plants. There are opportunities to explore this approach with numerous commodities from the region including sugar, tea, leather, coffee and honey. Agricultural supply chains have intrinsic linkages upstream to land use and land management with an impact on water, soils and forests and a direct link to landscape resilience. This component will also investigate the potential business opportunities and challenges for promoting industrial symbiosis, a concept to optimize material and energy use among companies through promoting exchanges of bi-products which are often wasted including regional perspectives and priorities. The component will entail analytical work led by the World Bank to assess specific commodities and value chains in the lake basin. Based on results of the analysis, the component will provide funds to implement an approach to greening specific value chains on a demonstration scale. Results and data from this component will serve to guide larger investments in the next phase of LVEMP funding. Implementation of the analytical work will be led directly by the World Bank while piloting of specific value chains will be led by the NCPCs in each country Cost Estimates and Financing Plan The overall project cost is estimated at USD 4,500,000. More than 50% of this is allocated to scaling up core activities under Component 1 for extending impact of RECP engagement with private industry. The table below presents a breakdown of costing by component. World Bank monitoring and supervision costs are also included together with the World Bank Trust Fund administration fee and a marginal allowance for contingency. All components will be fully financed by NDF. Expected cost sharing with private sector beneficiaries of 20%ofin-plant assessment costs is not captured in the figures below. (1) Scaling-u RECP Activities 2,350,000 (2) Strengthening RECP Facilitating Environment 900,000 (3) Piloting Crreen Growth 550,000 Sub total 3,800,000 Regional Coordination 250,000 World Bank Monitoring and Supervision 125,000 (50,000/year +Implementation Completion Report ) World Bank Administration Fee (5%) 225,000 Total 4,400, Nordic Interest EAC countries have historically been priority countries for the Nordic donors. There is strong complementarity between the proposed project and ongoing interventions led by NDF owners on a bilateral basis in the region. NDF financing for the project will directly contribute to 5

10 scaling up an activity piloted by Sida. The new Kenya Climate Venture Fund now being established by Danida is another example with strong complementarity. The NCF portfolio constitutes another pool of potential clients. NDF will publicize this opportunity with relevant NCF projects in the selected pilot countries. Linkages with NCF and other Nordic initiatives may lead to opportunities in the EAC region for Nordic private sector innovators in clean tech and related sectors NDF's Added Value and Comparative Advantage Over the course of planning discussions with the World Bank, NDF has taken an active role in design, including multiple meetings directly with the NCPCs in Kenya, Rwanda and Uganda. These have served to clarify key issues and close the "triangle" between Helsinki, Washington and counterparts in the EAC region. NDF led the introduction of a private sector co-finance element for in-plant assessments and held consultations with NCPCs in the region on this question. The result is an agreement to pilot a co-finance arrangement with private firms aimed at enhancing overall project sustainability, providing a more sustainable revenue model for NCPCs and building up empirical data on co-finance to impact design of follow up RECP interventions. NDF also secured new gender and emissions reductions targets in the project results framework and additional financing under Component 2 for targeted outreach with the financial sector to improve accessto finance conditions. The project also links up seamlessly with the recent NDF Board approval of the Green Guarantee Facility (GGF) managed by the African Guarantee Fund (AGF) in Nairobi. SMEs benefitting from RECP interventions will, in many cases, require loans to finance recommended RECP upgrades. GGF establishes a financing mechanism aimed at catalyzing loans to precisely this type of client, namely SMEs investing in green growth. With these two projects in place, NDF is in a position to play an active role in implementation and help to facilitate access to finance for participating SMEs. This is a proactive "joint+" approach that goes beyond the typical joint co-finance framework and illustrates NDF's considerable value-add proposition throughout the project life. The project also has clear linkages to several NDF operations in Latin America emphasizing energy audits and innovative climate relevant business models, notably, the Energy Efficiency Technical Assistance and Guarantee Fund, GREENPYME and, perhaps most notably, PROADAPT, which aims at demonstrating viable climate resilient business models. 4. IMPLEMENTATION ARRANGEMENTS 4.1. Technical Aspects The direct beneficiaries of Component 1 will be individual firms who choose to participate and the NCPCs who will benefit through building in-house capacity, technical expertise and brand recognition during the implementation period. Direct beneficiaries for Components 2 and 3 include national agencies for environmental management, who will benefit through enhanced capacity and technical advisory inputs on regulatory and policy interventions, as 6

11 well as financial sector stakeholders and upstream and downstream participants in selected agricultural value chains. Indirect beneficiaries will include communities and households around the lake basin that benefit from increased employment opportunities, improved quality of life and reduced exposure to pollution. Cost Share Arrangements. NDF started a robust discussion among NCPCs in recent months related to cost share arrangements for in-plant assessments. There is strong buy-in to the idea that previous successes and industry RECP champions should be leveraged to build awareness and promote a more sustainable model, and all have indicated support for pushing for a minimum 20% cost share by beneficiary firms. There is also a common view that modalities be flexible to accommodate specific country context. In practice, each NCPC will be responsible for achieving the target in its own market. Most will opt to establish Molls with participating firms setting out the terms and milestones for payments. Regional Integration. The impact of regional coordination on the project is seen as an advantage. Under Component 1, this allows for fielding regional technical teams to conduct joint outreach, awareness and in-plant assessments. Under Component 2, the project facilitates greater harmonization in the regulatory environment. Under Component 3, a holistic approach to greening supply chains, which cross national boundaries, will necessarily bring together actors in different countries in the region and reinforce harmonization. It should also be noted that the project's regional approach may also encourage healthy competition in RECP among participating countries Institutional Aspects and Project Organization The project is implemented under the overall framework of LVEMP 2 and will leverage the existing framework for RECP delivery. This arrangement assigns LVBC the role of overall regional coordination and financial administration. NCPCs in each country will be responsible for country level technical delivery and manage direct outreach and engagement with private sector and participating firms. LVBC is headquartered in Kisumu in Kenya and was established by the EAC states to serve as the agency responsible for joint coordination and management of the LVB. A Regional Project Coordination Team has been established under LVEMP 2 and will continue to provide centralized coordination for NDF financing. A share of the budget is allocated to regional coordination activities for this purpose. Project funds will be channelled from the World Bank through LVBC and then to the network of NCPCs in each of the 5 countries. The Kenya NCPC will serve as lead technical coordinator for the 5 country level NCPCs. World Bank monitoring and supervision costs for the new project will be partly financed through existing funding allocated under LVEMP 2 and partly from NDF grant resources Procurement and Contract Structure LVBC will contract the country level NCPCs as service providers for the core RECP activities including awareness raising and in-plant assessments. NCPCs will sub-contract 7

12 selected services as necessary to build out in-house expertise. All contracting will be in accordance with Bank procurement policies and procedures Risk Analysis Private sector participation and follow-on investments in recommended RECP upgrades represent the major source of risk to project outcomes. The proposed project will also pilot a model for private sector co-finance of in-plant assessments and engage more at the SME level. Both of these elements add to the risk of private sector participation. This is mitigated, however, by the positive results and lessons learned from the first phase, showing clear private sector willingness to invest in RECP actions, and by enhanced capacity of the NCPCs to do the necessary awareness raising and engagement to achieve private sector participation. Implementation risk is deemed low on the basis of an inherited and proven framework from LVEMP 2. Financial management risk related to LVBC internal capacity has been considered. The World Bank conducts a detailed financial management review of LVBC at the end of every calendar year looking at both financial controls and systems in place as well as accounts for the previous fiscal year. World Bank counterparts indicated that overall performance rating for the project has been sustained as Moderately Satisfactory. The latest review identified a number of areas for improvement as well as a number of areas where LVBC has invested in upgraded systems and capacity. Overall this risk is deemed to be adequately managed on the basis of World Bank supervision procedures in place. NDF will request that findings from financial management reports be shared in a timely and transparent manner throughout implementation and will monitor the progress of disbursement to ensure LVBC facilitates smooth and seamless delivery of support to NCPC level Monitoring and Evaluation The World Bank will conduct supervision visits to LVBC and to the NCPCs for consultation and progress review twice a year. NDF will receive advance notice and have an opportunity to participate. In addition to reviewing overall progress, missions will consist of monitoring of financial management, procurement and safeguards review. Monitoring reports will summarize findings of each mission and be circulated to NDF. An implementation completion report will be produced with 6 months of project completion and design of next LVEMP will include a detailed review of findings and impact assessment from the report. NDF will also leverage the strong relationships with the NCPC network developed over the course of preparation to support the project in the spirit of "joint+" financing and may undertake separate visits for direct bilateral consultation with NCPCs as relevant over the course of implementation and in line with other travel to the region. L 5. ECONOMIC AND SOCIAL ASPECTS 5.1. Economic Justification The economic value of the intervention at the level of participating firms was strongly demonstrated in the pilot phase. According to figures from the project, more than 140 firms followed in-plant assessments with investments in more efficient technologies and/or 8

13 upgrades in processes and business practices to capture savings, clean up production and improve efficiency. 30 of these firms invested more than USD 1 million in upgrades with pay back periods averaging approximately 2 years. At the level of national economy, the impact of cleaner and greener industry has a direct impact on the quality of life of households and communities in the Lake Victoria basin and represents overall gains in health, livelihood and longevity for large contributing segments of the formal and informal economy Environmental and Social Aspects The project targets improved environmental impact of industry and private sector in the LVB. The project is expected to be rated Category B for environmental risk, and the World Bank safeguard policy for Environmental Assessment will apply. Regular World Bank monitoring will ensure any other relevant safeguards policies are triggered during implementation. The project sets a gender target of 30% participation by women employees of participating firms in RECP trainings. Sample data from the pilot phase indicates this target exceeds what has been achieved previously and sets a higher bar for participation and employment of women in target industries around the region. Access to clean water for the communities and households situated around participating firms is also seen as having strong gender benefits. 6. CONCLUSION The project is aimed at catalysing private sector investment in cleaner, more efficient industry and supply chains throughout the Lake Victoria watershed basin. It aims to scale up the successes of a pilot phase building awareness around RECP successes to date and extending project reach to cover SMEs in new value chains. It links well with other NDF financing in the region and positions NDF as a rising partner for green growth and climate resilience in the 5 country EAC region. 7. RECOMMENDATION The NDF Board approved grant financing of up to EUR 4,000,000 to the project C94 REGIONAL AFRICA -LAKE VICTORIA BASIN RESOURCE EFFICIENCY AND CLEANER PRODUCTION. Helsinki, 31 October 2016.~--_ Pasi Hellman Managing Director Country Program Manager 9

14 10 Annex 1 -Project Results Matrix Project Development Objective Increase use of and investment in RECP technolo ies b rivate enter rises in the Lake Victoria Basin Project Output Indicators Component 1: Participants in training events conducted on resource efficient and cleaner production technologies and financing for small and medium enterprises (disaggregated b sex) Component 1 : Private sector co-finance for Unit of measurement Intermediary and Short Term Indicators Baseline YR 1 YR 2 End Target Frequency Source Responsibility Number Review of training (% Bi-annually of female) ~ (20%) (30%) (30%) providers report % Review of NCPCs of total 0 10% 20% 20% financial report Component 1: In-plant assessment conducted Number Number NCPCs in-plant assessment Training providers in-plant assessments Component 2: Training events for national Annually Bi-annually Bi-annually environmental agencies report Review of report by Component 3: Green supply chain pilots NCPC on greening Number Annually identified agricultural value chains Development Objective Indicators Indicator 1: Share of targeted private enterprises in Lake Victoria Basin using one o or more RECP technologies as a result of the ~O ro~ect Unit of Baseline measurement Long Term Impact Indicators 0 NCPC NCPC NCPC NCPC NCPC YR 1 YR 2 End Target Frequency Source Responsibility o 25 /0 a 50 /0 o Tracking study on 50 /o Bi-annually targeted private NCPC enterprises Indicator 2: Total amount of investment in Tracking study on NCPC RECP technologies by targeted private USD million Annually targeted private ente rises as a result of the ro'ect ente rises Indicator 3: Total amount of greenhouse gas Tracking study on tons of CO2 emissions avoided on annual basis as a result 0 15,000 30,000 30,000 Bi-annually targeted private NCPC equivalent of ro'ect interventions ente rises

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