Luxembourg, 25 June 2021 – The Green for Growth Fund (GGF) has published its Impact Report for 2020. Despite the tumultuous conditions brought about by the global pandemic, the fund attracted EUR 135 million in new investments and technical assistance commitments, thanks to the support of GGF’s shareholders and investors. The funds were dedicated to financing measures that boost a green recovery and advance energy efficiency, renewable energy, and resource efficiency in the target regions of Southeast Europe, Turkey, the European Eastern Neighbourhood Region, and the Middle East and North Africa.
Undeterred by operational and market challenges, the GGF continued to support critical investments in its target countries at different scales; whether it is the resilience of Serbian households via the fund’s green mortgage program, or expanding capacity at Georgia’s largest solar PV manufacturer.
Beyond the green finance and projects that the fund is delivering, the report also sheds light into the fund’s impact in terms of energy savings, CO2 emissions reduction and installation of renewable energy generation capacity. For example, the primary energy savings realized through the GGF’s investments per year, roughly equals the energy needed to supply over 403,000 Egyptian households. Moreover, by working with steadfast partner institutions to provide green finance to households and businesses, the fund has, to date, delivered over EUR 1,15 billion in green finance to end borrowers.
GGF Chairman Olaf Zymelka said: “2020 has undeniably been a challenging year for all of us, and it has forced us to stop and reflect on how the GGF can play an integral role in a green and sustainable recovery in the regions where we work. This report highlights how the fund promptly responded and implemented a Green Recovery Strategy in 2020 and worked with its partner institutions to stabilize markets and provide much needed support to businesses and households. Thanks to the trust and support of our shareholders and investors, we can continue driving a green transformation action across GGF’s regions of operation.”
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, the Caucasus, Ukraine, Moldova, 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, one of the world’s leading impact asset managers, with over EUR 2.6 billion in assets under advisory/management. MACS Energy & Water GmbH, acts as the technical advisor.
Media contact GGF
Manager Marketing & Communications
Phone: +49 (0)69 271 035-171