Green for Growth Fund, Southeast Europe
The Green for Growth Fund, Southeast Europe is the first specialized fund to advance energy efficiency (EE) and renewable energy (RE) in Southeast Europe, including Turkey, as well as in the nearby European Eastern Neighbourhood region. Initiated by the European Investment Bank and KfW Development Bank, GGF is an innovative public-private partnership established to reduce energy consumption and CO2 emissions.
- Posted on: 23.03.2016
- Acronym: GGF
The mission of the Green for Growth Fund, Southeast Europe is to contribute, in the form of a public private partnership with a layered risk/return structure, to enhancing energy efficiency and fostering renewable energies in the Southeast Europe Region including Turkey and in the European Neighbourhood Region, predominantly through the provision of dedicated financing to businesses and households via partnering with financial institutions and direct financing.
GGF is a unique public-private partnership established in December, 2009 to promote energy efficiency in its target region and to reduce CO2 emissions. GGF's investments seek to achieve a 20% reduction in energy consumption and/or a 20% reduction in CO2 emissions, by:
- Refinancing Financial Institutions (local commercial banks, non-bank financial institutions such as microfinance institutions and leasing companies and other selected financial institutions) providing loans to households, businesses, municipalities and public sector for energy efficiency measures or renewable energy projects. Investments through Financial Institutions constitute the majority of GGF's investments.
- Providing direct financing to Non-Financial Institutions (companies, energy service companies, renewable energy companies or projects, small scale renewable energy and energy efficiency service and supply companies) that meet GGF energy saving and/or emissions targets, and comply with the technical criteria and GGF exclusion list.
As an initiative of international financial institutions already active in the area of energy efficiency and renewable energy in the region, the Fund is designed to be complementary to existing programmes and funding sources and contribute to further innovations in financing and expanding the industries in Southeast Europe and the European Neighbourhood Region.