South East Europe Energy Efficiency Funding

THE European Bank for Reconstruction and Development (EBRD) is boosting the Green for Growth Fund (GGF) with €25 million, promoting renewable energy and energy efficiency projects.

The funding is targeted at south-eastern Europe and the European Neighbourhood region including Armenia, Azerbaijan, Georgia, Moldova and Ukraine.
GGF provides funds to local financial institutions for on-lending to small and medium-sized enterprises as well as direct financing to large companies and municipalities and even private households, for investments in energy efficiency and renewable energy.
The additional means provided by the EBRD will support GGF to expand its activities following the extension of its mandate to the European Neighbourhood Region in 2012. Demand for sustainable energy financing also remains high in south-eastern Europe where the impact of the financial crisis still affects bank lending. At the same time energy intensity remains above best practice, which leads to significant costs for businesses, private customers and – last, but not least – the environment.
Henry Russell, Director in the EBRD’s Financial Institutions team, said: “This investment demonstrates the EBRD’s commitment to renewable energy and energy efficiency even under challenging circumstances……Supporting investments that create a less wasteful and more environmentally friendly use of resources is beneficial not only for the environment, but also for the economy of the countries where the EBRD invests.”
Christopher Knowles, Chairman of the GGF Board of Directors, stated: “Over the last five years, GGF has proven itself to be a leader, alongside institutions like the EBRD, in mainstreaming energy efficiency and renewable energy finance in south-eastern Europe and the European Neighbourhood Region. Working together, the GGF and its stakeholders are demonstrating that reducing energy consumption and CO2 emissions is not only good for the environment, but also good for households, businesses and municipalities alike. As the Fund celebrates its fifth anniversary of operations, this vote of confidence from the EBRD could not be more timely.”

Picture of Nighttime view of Yerevan, Armenia, by Serouj Ourishian reproduced under CCL.

Monday 22nd December 2014

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