Green Climate Fund giving USD 378m to back EBRD projects

The Green Climate Fund has approved USD 378 million (EUR 345m) in support for EBRD investments in renewables, energy efficiency and climate resilience projects.

As announced by the bank on Thursday, the contribution to the European Bank for Reconstruction and Development (EBRD) will be made in support of sustainable energy financing facilities it is offering in Armenia, Egypt, Georgia, Jordan, Moldova, Mongolia, Morocco, Serbia, Tajikistan and Tunisia. The programmes in these countries have a combined value of over USD 1.4 billion and can help avoid about 2 million tonnes of greenhouse gas emissions annually, the EBRD said.

The Korean government has pledged a further USD 3 million for technical support associated with the programmes.

The EBRD backs projects that reduce emissions and fight climate change under its Green Economy Transition (GET) initiative. It aims to bring the volume of green financing up to 40% of its annual business investments by 2020.

The Green Climate Fund was set up in 2010 under the United Nations Framework Convention on Climate Change (UNFCCC) to support low-emission and climate-resilient projects and programmes in developing countries. The decision to allocate these USD 378 million has been made in the lead-up to the COP 22 meeting in Marrakesh next month, where the implementation of the Paris Accord will be discussed.

(USD 1 = EUR 0.91)

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