Energy Efficiency

Dutch development bank FMO invests EUR 20 million more in Green for Growth Fund

Photo: Finance in Motion

Published

November 20, 2018

Country

Comments

0

Share

Published:

November 20, 2018

Country:

Comments:

0

Share

Dutch development bank FMO has invested a further EUR 20 million into the Green for Growth Fund (GGF), bringing the bank’s total investments in the fund to EUR 60 million. The loan agreement was signed in The Hague on November 15, 2018, according to a joint press release.

This investment will be used to finance energy efficiency, resource efficiency and renewable energy measures via financial institutions, as well as selected direct investments in projects, in South-East Europe, the Caucasus, and the MENA region.

FMO has been a strategic partner of the GGF since 2012. Among International Financial Institutions, the bank is the largest investor in the GGF after the fund’s two co-initiators, German development bank KfW and the European Investment Bank (EIB). FMO invests in projects and businesses in developing countries to spur economic development, reduce inequality, and help mitigate the negative effects of climate change. The Bank focuses on the sectors of agribusiness, energy and financial institutions to support sustainable growth in line with its commitment to the UN Sustainable Development Goals (SDGs), according to the press release.

GGF helps cut annual CO2 emissions of over 590,000 tonnes

The Green for Growth Fund (GGF) provides refinancing to financial institutions to enhance their participation in the areas of energy efficiency, resource efficiency and renewable energy as well as making direct investments in non-financial institutions with projects in its target region. The fund has an outstanding portfolio of over EUR 400 million in 17 countries and contributes to reducing annual CO2 emissions of over 590,000 tonnes and annual primary energy savings of over 2.2 million MWh.

At the signing ceremony of the loan agreement, the GGF Chairman Olaf Zymelka stated: “We deeply appreciate the strategic partnership with FMO. Over the years, FMO’s support has enabled us to extend the green footprint of the GGF to newer frontiers and projects and we are delighted to see this partnership continue. ”

Huib-Jan de Ruijter, Director Financial Institutions at FMO said: “We are pleased to expand our partnership with the Green for Growth Fund, which offers a strong platform to collaborate with likeminded investors to fight climate change. Investments to advance energy efficiency and renewable energy, like our investment into GGF, will significantly contribute to reducing energy consumption and CO2 emissions, thus helping to mitigate climate change.”

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Skrekas Greece triple LNG storage renewable energy capacity

Skrekas: Greece to triple LNG storage, renewable energy capacity

27 June 2022 - Minister of Environment and Energy Kostas Skrekas said the government would mobilize over EUR 44 billion for Greece's energy sector by 2030

Austria ban gas boilers new buildings next year

Austria to ban gas boilers in new buildings in 2023

15 June 2022 - Austria is phasing out fossil fuels in heating, starting with a ban on the installation of gas boilers in new buildings from next year

MRE-GIZ-prosumers-project-june 2022

Germany’s GIZ to help Serbia make renewables available to everyone

09 June 2022 - Minister Zorana Mihajlović signed an agreement with GIZ on the Promotion of Renewable Energy and Energy Efficiency in Serbia

North Macedonia adopts National Energy and Climate Plan lorkowski

North Macedonia first in Western Balkans adopts National Energy and Climate Plan

02 June 2022 - The NECP covers the period from 2021 to 2030 and prescribes the path to achieve the goals set for 2030, the government said