The cash represents some of the first funding under a new UN initiative tipped to become the largest global driver of emission cuts
LONDON, April 8 (Reuters) - Britain and Germany have pledged a further 50 million euros towards a joint initiative to fund projects that cut greenhouse gas emissions in the developing world, after an initial 70 million euros was heavily oversubscribed.
The cash represents some of the first funding under a new United Nations initiative tipped to overtake existing U.N. carbon markets to become the largest global driver of emission cuts by the end of the decade.
The money will go towards the two nations' NAMA Facility, which aims to help countries cut emissions through so-called "Nationally Appropriate Mitigation Actions (NAMAs)."
The new funding comes as the facility invited countries to apply for a second round of grants or loans, with governments given until July 15 to submit applications.
"I encourage developing countries to submit eligible projects to the NAMA facility so they can secure the necessary support to successfully tackle the threat faced by climate change," said Greg Barker, Britain's minister for energy and climate change, in an emailed response to questions on Tuesday.
Under the first funding round opened in 2013, 47 projects applied, with 14 million euros awarded to Mexico to cut energy use in homes by introducing efficiency standards across all new housing stock.
Other projects earmarked to receive cash are plans to help roll-out renewable power subsidies in Chile, to better integrate public transport in Colombia and Indonesia and to introduce less carbon-intensive ways of growing coffee in Costa Rica.
The funds form part of the climate aid plans for Britain and Germany.
All nations have pledged to provide up to $100 billion a year in climate aid by 2020 to help the world's poorest countries to cut emissions and adapt to climate change.
Under a U.N. agreement in 2010, all developing nations agreed to produce NAMAs. Some 95 have been outlined in 35 countries, according to a database maintained by Dutch consultancy Ecofys.
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