Luxembourg, 06 October 2020 – The Green for Growth Fund (GGF) has been named winner of the PRI Award 2020 in the category “Real-world impact initiative of the year” by the U.N.-initiated Principles for Responsible Investment (PRI). The award winners were selected in five categories from among 120 entries, submitted by PRI signatories headquartered in 25 countries. 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.
The PRI Awards are aimed at showcasing leadership among its signatories as part of its Blueprint for Responsible Investment. A panel of independent judges assessed entries based on their objectives, innovation, implementation, and impact. As a signatory of the PRI, GGF advisor Finance in Motion submitted the GGF as a pioneer in impact investing: 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. 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.
GGF Chairperson Olaf Zymelka stated: “We are extremely honored by this prestigious award. 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.”
Read more on the awards and shortlisted candidates, here.
ABOUT THE GGF
The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions, and improve resource efficiency in 19 markets across Southeast Europe and Turkey, the European Eastern Neighbourhood Region, and the Middle East and North Africa. The fund provides such financing directly to renewable energy projects, corporates and municipalities or indirectly via selected financial institutions. The GGF’s Technical Assistance Facility maximizes the fund’s investment impact through support for capacity building at local financial institutions and partners.
The GGF was initiated as a public-private partnership 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, the European Bank for Reconstruction and Development, and the Austrian Development Bank (OeEB). The fund’s growing investor base comprises donor agencies, international financial institutions and institutional private investors, including the International Finance Corporation, the Dutch development bank FMO, and the German ethical bank GLS. The GGF is advised by Finance in Motion GmbH. MACS Energy & Water GmbH, Frankfurt am Main acts as the technical advisor.
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