Syria Launches Renewable Energy Fund
The President of Syria issued Law 23/2021 establishing the Renewable Energy Fund, a legal entity administered by its own board of directors, to encourage consumers to wean off hydrocarbons by providing products such as interest-free loans or subsidized loans. The Fund will be financed by the state, fees derived from energy consumption, donations, and other sources. Households, agricultural projects, manufacturers, and the commercial and services sectors are all identified as potential beneficiaries of disbursements from the Fund. The Prime Minister shall appoint a board of directors to formulate policies for the Fund and approve its annual estimated draft budget while the Minister of Electricity is charged with authorizing disbursements. The said Minister also chairs the board. The Council of Ministers shall supervise the Fund, while the National Energy Research Center and the General Electricity Transmission and Distribution Corporation shall provide technical and administrative support. The Central Financial Supervisory Agency will audit its accounts. Law 23/2021 was approved by the People’s Assembly on September 22, 2021 and ratified by the President on October 19, 2021.