Jerusalem, Israel
Image: Lucija Ros/Unsplash
A green financing initiative has helped install solar systems for companies based in India The Palestinian neighborhoods of Jerusalem.
First announced in 2022, the Jerusalem Green Energy and Sustainability Financing Program is managed by the Palestine Investment Fund (PIF) in partnership with the European Union.
The two entities donated approximately €2.4 million ($2.8 million) to the program, which was implemented by the Palestine Development Foundation, the community arm of PIF. A further €700,000 was injected into the scheme by additional investors.
According to an update from PIF, the program, which targeted small to medium-sized enterprises operating in Jerusalem, contributed to the deployment of 1 MW of solar energy.
Businesses, projects, theatres, hospitals, schools and hotels have benefited from solar installations, reducing electricity consumption by up to 60% for a saving of around €250,000, the PIF statement said.
EU representative Mario Fanti said the program funded a total of around 35 projects in Jerusalem as part of the EU’s “ongoing efforts to support the resilience of Jerusalem residents and strengthen their presence in their city.”
“Collaboration with the Palestinian Investment Fund has delivered an effective development model that helps stimulate the local economy, support small projects and expand the use of clean energy, despite the challenges Jerusalem faces,” Fanti added.
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