The Green for Growth Fund (GGF)

Investing in renewable energy, energy efficiency, and resource efficiency

Impact contribution
Over 1,182,945 tons of CO2 saved per year

Impact strategy
Environmental impact

Investment strategy
Private debt & private equity 

Assets under management
EUR 808 mn


Impact Report

Initiated in

Initiated by
The European Investment Bank and KfW Development Bank, with risk capital from the European Commission  and the German Federal Ministry for Economic Cooperation and Development (BMZ)

Target regions
Southeast Europe, Eastern Europe, the Caucasus, the Middle East and North Africa

SFDR classification
Article 9 fund

The Green for Growth Fund aims to mitigate climate change and promote sustainable economic growth by investing in reducing energy use and CO2 emissions and improving resource efficiency. A blended finance structure, the fund leverages risk-capital provided by public institutions with additional private capital to increase investments across Southeast Europe, the Eastern Neighborhood Region, the Middle East, and North Africa.

The fund provides green private debt to financial intermediaries that on-lend to enterprises and private households. It also invests directly in renewable energy projects and corporates.


Reducing the use of energy resources and CO2 emissions

Investing in climate finance across 19 markets

Finance in Motion advises the GGF on harnessing the power of green finance and making investments that reduce CO2 emissions in 19 markets across Europe, the Middle East and North Africa.

In doing so, we are working towards six Sustainable Development Goals (SDGs): Clean Water and Sanitation (SDG 6), Affordable and Clean Energy (SDG 7), Industry, Innovation, and Infrastructure (SDG 9), Sustainable Cities and Communities (SDG 11), Responsible Consumption and Production (SDG 12), and Climate Action (SDG 13).

Invest in the energy transition

Impact Report 2022

The report documents the fund’s progress in mitigating climate change and promoting sustainable economic growth throughout the year in 19 markets across Southeast Europe, Turkey, the European Eastern Neighbourhood Region, and the Middle East and North Africa.



GGF’s impact

m³ of water saved/treated annually (2)


MW of renewable energy capacity supported (1)


Active borrowers


GGF partner institutions (1)


Tons of materials saved annually (2)


Share of outstanding portfolio in local currencies


MWh of energy saved annually (2)


Tons of waste avoided/treated annually (2)


Tons of CO2 emissions reduced annually (2)


Partner institutions that received capacity building in developing green strategies and products and improve ESG management practices (1)


People trained


Investment countries (1)


Committed capital

EUR 804.6 mn



Share of private capital committed to the GGF


Volume of technical assistance projects (1)

EUR 24.1 mn

Technical assistance projects in research & analyses



(1) Cumulative figure since inception.
(2) Figures are modeled by Finance in Motion based on primary reporting and third-party data.

About the GGF

Market-based returns coupled with high-impact green energy investments

The GGF allows investors to contribute to high impact systemic change by deploying finance to renewable energy sources and resource-efficiency measures.

GGF channels resource efficiency and renewable energy dedicated financing to businesses and households through local financial institutions. The fund also directly finances corporates and renewable energy projects that contribute to CO2 emissions reduction.

Through its blended finance structure, the GGF offers investors exposure to a fund that is broadly diversified across countries and regions and has an attractive market-based risk-return profile. The fund’s long-term approach, specialized team, and local presence have ensured its success in contributing to climate change mitigation. 

Investors in the fund can manage their risk exposure through its tranched capital structure, which offers a risk cushion for noteholders provided by subordinated share classes.

Invest in a green energy future and combine impact with market-based returns 

Fund details  

How the fund invests

How to invest

Donors and investors

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