GREEN FOR GROWTH FUND RELEASES ANNUAL IMPACT REPORT 2017
Luxembourg, July 18, 2018 – The Green for Growth Fund (GGF) has released its Annual Impact Report for 2017. The report outlines the fund’s considerable achievements over the year in its mission to advance energy efficiency, renewable energy, and resource efficiency in the target regions of Southeast Europe, the Caucasus, the Middle East and North Africa.
In 2017, the GGF increased the total financing it has provided by EUR 133 million: By the end of the year, over EUR 600 million had been made available across 25,000 individual projects with 59 partners in 17 markets. At the same time, the fund continues to make inroads towards reducing energy use and CO2 emissions, with annual energy savings by the GGF’s investment portfolio reaching 1,913 GWh – equivalent to the yearly electricity production of 350 modern wind turbines. Annual CO2 savings resulting from GGF-funded measures amount to 496 thousand metric tons.
GGF Chairman Olaf Zymelka said: “2017 marked a number of milestones in achieving the green mission set by the fund’s initiators and investors. The year saw the GGF finance its 25,000th sub-loan to end beneficiaries for implementing energy efficiency measures in their businesses and homes. These investments reduced energy consumption equal to that of more than 200,000 Egyptian households. We also saw the GGF surpass EUR 100 million in private capital – over 20% of its funding – proving that a properly-structured vehicle can attract investment for green finance to challenging emerging markets.”
The GGF systematically tracks and manages the impact of its growing portfolio of projects, collecting detailed data on every individual sub-loan. Results have been achieved across an ever-increasing number of geographies, including the fund’s first renewable energy projects financed in the MENA region. The GGF’s wide range of end recipients characterizes its flexible and inclusive approach, including private households, small and medium-sized enterprises (SMEs), agricultural producers, and commercial project developers. Financing by the GGF in 2017 has contributed significantly to economic development and energy efficiency upgrades across many sectors, including food and beverage production, commercial transport and printing services.
Olaf Zymelka concluded: “The success of the GGF lies not only in the public-private partnership structure underpinning the fund, which allows it to mobilize private capital to multiply impact, but also on its ability to bring together national and international stakeholders to effectively engage with sustainable energy finance. The fund combines its financial offering with tailored technical assistance to build capacities with partners and across the green finance ecosystem, ensuring that energy efficiency, renewable energy and improved resource management move toward the mainstream.”
To view the GGF Annual Impact Report, please visit: www.ggf.lu/ir2017
A downloadable PDF can also be found in the online report.
Print copies of the GGF Annual Impact Report can be ordered at: email@example.com
ABOUT THE GGF
The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions and to 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, the German ethical bank GLS, and Church of Sweden. The GGF is advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor.
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