Green for Growth Fund Releases 2021 Impact Report

Luxembourg, 11 July 2022 – The Green for Growth Fund (GGF) has published its Impact Report for 2021. The report highlights the fund’s progress in mitigating climate change and promoting sustainable economic growth across its regions of operation, particularly through its flagship ‘deep greening’ initiative which focusses on greening the financial sector. Over the course of 2021, the GGF recorded its strongest ever net growth in its outstanding portfolio, facilitating EUR 1,3 billion in impactful green loans to over 42,000 end borrowers. These were complemented by the fund’s Technical Assistance Facility (TAF) initiatives, totaling EUR 19 million across a record number of projects.  

Despite challenging market conditions  and social upheavals in GGF’s regions of operation, the fund marked several achievements which are outlined in the report and provide greater detail on innovative projects the fund initiated in 2021. These included the first corporate transaction in a new market, the first equity investment, and first-time engagements with central banks and financial associations on green issues in Georgia, Armenia, and Serbia.

The GGF widened its scope in 2021 by initiating its “Deep Greening” program for the financial sector. The flagship program aims to create new sustainable finance norms and standards in the financial services and, in so doing, increase the sector’s strength and resilience in the face of the changing economic landscape.

On the progress the GGF made during the year, GGF Chairperson Christopher Knowles said: “The GGF, in collaboration with like-minded partners, continues to develop and leverage its innovative products and approaches. We are proud of the achievements from the past year, and with a tried-and-tested framework aimed towards clear goals for impact, continue driving a green transformation across the financial sector.” 

The full Impact Report 2021 can be found online here, and print copies of the report can be requested at:

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.  

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Media contact GGF
Anabel Tennassie-Goossens
Marketing & Communications
Phone: +49 (0)69 271 035-580 

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