Officials from GCF and EBRD celebrate the agreement. Source: The Green Climate Fund
November 14 (Renewables Now) - The Green Climate Fund (GCF) and the European Bank for Reconstruction and Development (EBRD) have established a USD-1.4-billion (EUR 1.19bn) programme to support climate investments in Africa, the Asia Pacific and Eastern Europe.
GCF will contribute USD 378 million to the so-called Sustainable Energy Financing Facilities programme, it said in a statement today. EBRD, in turn, is providing a loan of USD 973 million along with a USD-34-million grant.
The programme will support investments in technologies that reduce emissions and enhance resilience to climate change. It will direct new climate finance flows to Armenia, Egypt, Georgia, Jordan, Moldova, Mongolia, Morocco, Serbia, Tajikistan and Tunisia.
GCF and EBRD will rely on local financial institutions to on-lend finance to more than 20,000 scalable and replicable projects across industrial, commercial, residential, transport and agricultural sectors. The goal is to establish self-sustaining markets in the areas of energy efficiency, renewable energy and climate resilience.