This year’s winner of the UN-initiated Principles for Responsible Investment (PRI) award in the “Real-world impact initiative of the year” is Green for Growth Fund (GGF), one of the first specialized vehicles to invest in renewables and energy efficiency.
The Principles for Responsible Investment was founded in 2006 by the UN Secretary-General Kofi Annan. Since then the number of signatories has grown from 100 to over 3,000. They support six principles which offer a list of possible actions for incorporating ESG issues into investment practice.
The Principles for Responsible Investment was founded in 2006 by the UN Secretary-General Kofi Annan
This year the award winners were selected in five categories from among 120 entries, submitted by PRI signatories headquartered in 25 countries. As a signatory of the PRI, GGF advisor Finance in Motion submitted the GGF as a pioneer in impact investing.
The GGF was awarded for its work to mitigate climate change and promote sustainable economic growth in its 19 regions of operation
The GGF was recognized as a best practice for its work to mitigate climate change and promote sustainable economic growth in its 19 regions of operation across Southeast Europe, the European Eastern Neighbourhood, and the Middle East and North Africa, according to the GGF press release.
The fund’s activities have unleashed over EUR 1 billion to finance green measures
The GGF is one of the first specialized vehicles to invest in renewable energy, energy efficiency, and resource efficiency measures in its target regions using a blended finance approach that leverages public capital to mobilize private investments.
“This achievement underlines the GGF’s commitment to opening up innovative, on-the-ground investment opportunities that promote the use of renewables and expand the availability of targeted financing for climate protection measures. Growing the appetite of those who want to direct their investments toward a better environment and society is important to the GGF, as this results in an improved green economy for all.”
GGF Chairperson Olaf Zymelka
Since inception in 2009, the fund’s activities have unleashed over EUR 1 billion to finance green measures that reduce energy and resource consumption and expand the use of renewables.
Today, these investments are now annually saving over 3.6 million MWh of energy, reducing emissions by over 920,000 tons of CO2, and contributing to more than 500,000 tons of water, waste, and input materials avoided or treated, the press release reads.