Renewables

GGF celebrates ten-year anniversary, EUR 1 billion in climate finance

GGF turns ten

Photo: GGF

Published

January 6, 2020

Country

Comments

comments icon

0

Share

Published:

January 6, 2020

Country:

Comments:

comments icon

0

Share

The Green for Growth Fund said it has marked ten years since establishment. The ceremony in Frankfurt was hosted by its advisor Finance in Motion, GGF added. It also pointed out its green finance portfolio reached EUR 1 billion.

The number of clients in Southeast Europe, the Caucasus, the Middle East, and North Africa surpassed 35,000, according to the report. Climate finance was advanced in renewable energy, energy efficiency and resource efficiency. GGF, one of the first specialized vehicles in the said regions, revealed its activity accounts for annual energy savings of more than 3 TWh.

The investments prevent the emission of over 850,000 tons of carbon dioxide while 450,000 tons of water, waste, and resources are sustainably managed each year, it noted in the announcement. It highlighted its layered fund structure, saying it leverages public contributions to mobilize private capital. The fund mainly works through local intermediaries that disburse loans to individuals and businesses.

The investments prevent the emission of over 850,000 tons of carbon dioxide while 450,000 tons of water, waste, and resources are sustainably managed each year

GGF also invests directly. Examples are the largest wind parks in Ukraine and in Serbia, the first wind park in Georgia and the largest solar park in Egypt. The GGF Technical Assistance Facility complements the operations by, for instance, training local financial institutions to deliver and promote green finance, or by spreading community awareness of the benefits of energy-efficient home improvement.

The layered fund structure leverages public contributions to mobilize private capital

Chairman Olaf Zymelka stressed the need to take climate action. “That requires investing resources, especially capital, into lasting solutions that have real impact. For the last ten years, the Green for Growth Fund has been doing precisely that: opening up concrete investment opportunities that expand the use of renewables and enable access to targeted financing for climate protection measures. For that, I would like to thank our partners for their invaluable support. We are looking forward to blazing further trails together with them in the future,” he said.

Stevens: The GGF Technical Assistance Facility has been equipping individuals and institutions with the tools to make a real change

Director at Finance in Motion Lloyd Stevens added GGF is committed to long-term transformation and that the GGF Technical Assistance Facility has been equipping individuals and institutions with the tools to make a real change. “At the same time, we conduct thorough impact measurement and monitoring to ensure that GGF activities are delivering on their goals. This comprehensive approach has been the key to the fund’s depth of impact over these ten years,” he stated.

GGF is a public-private partnership founded in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development (BMZ), the European Bank for Reconstruction and Development and the Austrian Development Bank (OeEB). It was later joined by donors, other international financial institutions and institutional private investors, including the International Finance Corporation, Dutch development bank FMO and German ethical bank GLS.

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

sarka jablonska, cut energy use and emissions

Every watt counts: Simple steps to cut energy use and emissions

22 July 2024 - Reducing energy consumption in Europe is crucial for environmental and economic reasons

Green for Growth Fund financial impact targets 2023

Green for Growth Fund tops its financial, impact targets in 2023

15 July 2024 - The Green for Growth Fund kept mitigating climate change and promoting sustainable economic growth last year in its 18 markets

Heat pumps and electric cars expected to bring small rise in power demand for Greece

Heat pumps, electric cars expected to contribute little to power demand growth in Greece

10 July 2024 - Contrary to earlier estimates, heat pumps and electric cars are not expected to significantly raise electricity demand in Greece.

vinca beo cista energija waste to energy facility

Beo Čista Energija officially starts producing energy from waste at Vinča landfill in Belgrade

03 July 2024 - Beo Čista Energija started the waste incineration in February 2023 as a final phase of testing its waste-to-energy facility