WASHINGTON, Nov. 16 (UPI) -- Developing countries agreed to invest $2.4 billion to advance clean energy technology, a climate group said in Washington.
Delegates at a meeting for the Clean Technology Fund announced that 20 developing countries agreed to large-scale investments in solar, wind and geothermal projects.
The first round of renewable projects means the governments agreed to invest $2.4 billion to develop as much as 39,200 megawatts of clean energy.
Zaheer Fakir, the South African co-chairman of the CTF, said developing countries were in a unique position to advance clean energy.
"As developing countries, we are on the cusp of an energy revolution, and the CTF offers us the door through which we can go to access the needed support, financially and technologically," he said in a statement.
His country was singled out at the Washington conference for its wind and solar developments. Eight other countries agreed to similar pilot programs for forest management practices.
Andrew Steer, the climate change envoy for the World Bank, said in a statement that developing countries are setting the standard ahead of a major climate summit this month in Cancun, Mexico.
"These countries are creating a badly needed global trend which could reshape national and global markets, policies and institutions," he said.