A new initiative to foster clean energy investment in developing countries has been launched at COP21 in Paris.

The ‘Climate Aggregation Platform’ (CAP) is a multi-million dollar programme which aims to help build pipelines of standardised, low carbon energy assets and develop low cost sources of financing for them.

The United Nations Development Programme (UNDP) and the Climate Bonds Initiative (CBI) will implement the CAP programme.

The Global Environment Facility (GEF) will invest $2 million (£1.3m) to start the inititative which expects to leverage more than $100 million (£65m) in co-financing from different partners, including the Inter-American Development Bank (IDB).

Naoko Ishii, GEF CEO and Chairperson said: “We need to rapidly ratchet up financing support for clean energy in developing countries. I’m delighted to announce the launch of the Climate Aggregation Platform to help spur strategic and transformative investments and to accelerate energy efficiency.”

An international geothermal alliance was launched at COP21.