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Impact Report 2022

We are pleased to share the GGF Impact Report for 2022 with you. 

Throughout 2022, the fund remained steadfast in its commitment to the financial sector and end-borrowers in each of its markets.  

The fund also successfully delivered environmental impact through energy savings and CO2 emissions reduction, with significant contributions from renewable energy projects in Southeast Europe and industrial efficiency measures in the Middle East and North Africa. In addition, the GGF’s flagship Deep Greening initiative also built further momentum throughout 2022 with five additional projects to green financial ecosystems in the EU Neighborhood.  

Demonstrating the GGF’s commitment and providing active support at a critical time, the rapid crisis response to Russia’s war of aggression against Ukraine, unfolded in record time with 15 targeted projects to address urgent needs, ensure business continuity, and build resilience. 

To read the full Impact Report, click here.

Our Impact

The GGF helps reduce the use of energy and resources and prevent CO2 emissions. It pursues this goal by providing dedicated financing to businesses and households in 19 markets across Southeast Europe, including Turkey, the European Eastern Neighbourhood Region, and the Middle East and North Africa. By using a blended finance structure and working through local partner institutions, the GGF is able to raise awareness and implement green finance activities.

The fund combines its financial offering with tailored technical assistance that helps build capacity, which brings energy efficiency measures, renewable energy and improved resource management toward the mainstream. In addition, by managing the environmental and social (E&S) risks associated with its investments, the fund sets standards for its partners and supports them to enhance their own E&S management systems, as required.

Million MWh/yr
Water saved/treated
Water saved/treated
cubic metre/yr
Waste avoided/treated
Waste avoided/treated
Materials saved
Materials saved
All figures as of December 31, 2023
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Active in
Working with
Partner Institutions
Cumulative TA Projects
Cumulative Sub-loans delivered
billion Euro
All figures as of 31 December 2023

Sectors financed since inception


All figures as of December 31, 2022

The GGF contributes to the Sustainable Development Goals

Clean water and sanitation

GGF finances and promotes practices that increase water-use efficiency across all sectors.

Affordable and clean energy

GGF supports energy savings measures and advances renewable energy.

Industrie, innovation and infrastructure

GGF contributes to increasing energy efficiency, expanding access to financing for small-scale industrial and other enterprises, and developing the renewable energy sector.

Sustainable cities and communities

GGF provides financing to municipalities to enhance sustainable transport and waste management systems. It also contributes to improvement in housing standards by supporting new, energy efficient buildings.

Responsable consumption and production

GGF contributes to the sustainable management of resources and reduced waste generation, and raises awareness for energy and resource efficiency.

Climate action

GGF mobilizes funding for green projects, raises awareness and builds capacity around sustainable energy, especially in greening financial sector practices, thereby contributing to climate change mitigation.

Partnerships for the goals

GGF provides a platform to pool capital for sustainable development and bring together regulators, industries, and policy-makers for systemic change.

Impact Stories

Impact Managment

The GGF’s investments are guided by an impact agenda that stipulates not only the fund’s goals but also the specific eligibility criteria for its investments. These include achieving CO2 emissions reductions or energy savings of at least 20%, as well as complying with the GGF exclusion list. The fund's agenda is increasingly aligned with the European Union's Taxonomy for Sustainable Finance. From the outset, the fund adheres to its Environmental and Social (E&S) Policy, which is aligned with international best practice and defines the fund’s commitments to managing E&S risks and impacts associated with its investments.

Accurately monitoring the fund’s impact is of great importance to the transparency and integrity of the GGF. It helps keep track of how well the fund is progressing towards its goals and provides insights and learnings which inform the GGF’s strategy. To monitor its environmental impact, the fund employs an online tool, eSave, specifically designed for financial institutions. Depending on the scale and nature of the project, specialized consultants are also engaged to assess the potential positive environmental impact. Impact management is therefore integrated into every step of the investment and Technical Assistance (TA) cycle.

For more details on how GGF works towards its impact targets, refer to the Theory of Change, which summarizes the fund's impact logic and builds the foundation for its impact measurement and management system.

Impact management cycle

Impact Principle Verified

Finance in Motion, GGF advisor, is a signatory of the Operating Principles for Impact Management (Impact Principles), also aligning the GGF’s impact management system with these recognized industry practices.

Along with an annual disclosure statement, which provides details on the practices applied, the advisor is committed to periodic independent verifications. The latest verification, conducted in 2023 by the specialized consulting firm BlueMark, affirmed strong alignment with the Operating Principles for Impact Management. 

Read Finance in Motion’s Operating Principles for Impact Management Disclosure Statement


How does the GGF measure impact?

The GGF’s primary tool for measuring impact is eSave. eSave is a tool developed specifically for financial institutions to manage their credit lines in terms of energy efficiency, renewable energy, and resource efficiency. The tool allows the GGF and its partner institutions to determine eligibility for standard energy and resource efficiency measures as well as individual projects to receive GGF funding. The GGF monitors and reports annualized primary energy savings; all calculations follow the approach of the EU directive 2006/32/EC on energy end-use efficiency and energy services. Similarly, the calculation of CO2 savings and resource impacts is based on the individual specifications of each underlying project. Such details include the national grid emission factor, climate conditions, and solar irradiation. The calculation of CO2 emission reduction is based on CO2 emission factors defined by IPCC 2006 guidelines for fossil fuels and country-specific calculations for the national power mix and grid losses based on data from IEA.


In pursuing its sustainable investment objective, the GGF places a priority on effectively managing potential environmental and social (E&S) risks associated with the Fund’s investments. In addition, the Fund integrates environmental, social and governance (ESG) considerations into decision-making and investee engagement. In line with this sustainable investment objective, the Fund falls within the scope of Article 9 of the Regulation (EU) 2019/2088 on the Sustainable Finance Disclosure Regulation (SFDR).

For sustainability-related disclosures in line with the requirements of the SFDR and more information on the Fund’s approach to impact and sustainability, please refer to:

Statement on integration of sustainability risks for a description of relevant sustainability risks and information on the Fund’s policies on integration of these risks in its investment decision-making process.      

Statement on consideration of principal adverse impacts on sustainability factors for a description of relevant principal adverse impacts and the policies and actions to identify, prioritise, and address such impacts as well as a summary of the Fund’s engagement policies.  

Statement on sustainable investment objective for a description of the sustainable investment objective of the Fund  and its (investment) strategy to attain that objective, along with the approach to measuring, monitoring, and managing impact.