Green for Growth Fund Releases 2022 Impact Report

• The GGF again successfully delivered environmental impact through energy savings and CO2 emissions reduction

• Deep Greening initiative marks major milestone with first green bond transaction in Turkey

Luxembourg, 20 July 2023 – The Green for Growth Fund (GGF), an impact investment fund advised by Finance in Motion, has published its Impact Report for 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.

The year under review showed the shift to greener economies being increasingly driven by pressing economic and strategic energy security needs. These drivers, combined with evolving policy environments and continued decreases in technology costs, are raising demand for climate investments, targeted green finance, and the activities of the GGF.  Given these needs the GGF remained steadfast in its commitment both to the financial sector and end-borrowers, despite the effects of Russia’s war of aggression against Ukraine. The fund again successfully delivered on its environmental impact targets in terms of energy savings and CO2 emissions reductions, with significant contributions from renewable energy projects in Southeast Europe and industrial efficiency measures in the Middle East and North Africa. GGF investments since inception now account for more than 1.1 million tons of CO2 avoided annually, equivalent to more than three quarters of a million cars taken off the road.

Also highlighted in the report is the Stand with Ukraine program, launched together with the European Fund for Southeast Europe (EFSE) and Finance in Motion. Demonstrating the GGF’s commitment and providing active support at a critical time, the rapid crisis response, budgeted at EUR 2.5 million, unfolded in record time with 15 targeted projects to address urgent needs, ensure business continuity, and build resilience.

On a parallel track, the GGF’s flagship “Deep Greening” initiative, which focuses on greening the financial sector, built further momentum throughout 2022 with five additional projects to green financial ecosystems in the EU Neighbourhood. In this context, the GGF is venturing into new territory in terms of capital market engagement and bond investments: the fund closed its first green bond transaction in 2022 in Turkey, a key step in supporting the development of sustainable capital markets, crowding in additional private capital, and scaling finance for the green transition.

The GGF also maintained momentum on the innovation front. This is evidenced in the projects the fund financed, such as the green farming and automation project with a strawberry grower in Georgia. It also shows in the activities aimed at the broader ecosystem the fund supports, like the Clim@ Scaler initiative, which gave seven innovative green ventures access to a four-month acceleration program to scale their business and impact. This year’s program culminated in a successful investor event where the ventures pitched their business models and needs to investors, industry experts, and corporates. Find out in the report about these companies poised to make a significant positive impact in a variety of domains.

GGF Chairperson Christopher Knowles said: “The GGF achieved notable progress in 2022. Despite headwinds, the fund maintained its leading role in financing the green transition. The GGF continues to deliver on its essential imperative of boosting energy efficiency and clean energy to save our planet from warming and safeguarding our societies and livelihoods.”

The full GGF Impact Report 2022 can be found online here.


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. MACS Energy & Water GmbH, Frankfurt am Main acts as the technical advisor.

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Media Contact GGF

Anne Johnson
Marketing & Communications
Phone: +49 (0)69 271 035-742


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