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EBRD and EU join efforts to boost green finance
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are stepping up their support for green investments and climate resilience in Egypt, Morocco and the countries of the Eastern Partnership (Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine).
The EU is providing a total of €61.3mn in grants to support three EBRD programmes helping businesses to invest in energy efficiency, cut their carbon footprint, introduce innovative green technologies, support the circular economy and improve legal frameworks for energy and resource efficiency investments.
Climate finance is a crucial instrument for green investments, to increase the use of renewable energy and to build a low-carbon future, especially at a time when the coronavirus pandemic and the drop in fossil fuel prices threaten climate action progress.
In Egypt, a €24.8mn grant from the EU will support the EBRD’s Green Energy Financing Facility (GEFF), which focuses on supporting energy-efficient and renewable energy investments through local financial institutions for lending on to private companies.
Similarly, in Morocco, GEFF will benefit from a €21.1mn EU grant that will allow local businesses to invest in green technologies. Beneficiaries will reduce their costs by implementing climate adaptation measures, energy-efficient and renewable-energy technologies, thus also improving their overall competitiveness.
In the Eastern Partnership region, €15.4mn from the EU4Climate initiative will be channelled through the EBRD’s Finance and Technology Transfer Centre for Climate Change (FINTECC) programme to corporate sector clients via investment grants, technical assistance and the offer of climate innovation vouchers, which are expected to accelerate the adoption of innovative climate technologies and sustainable business practices.
The EBRD reports that, to date, it has signed €34bn in green investments, financed more than 1,900 green projects and reduced over 102mn tonnes of CO2 emissions.