In less than seven years, more than 18,000 households in the Western Balkans (WB) have invested over €100 million in energy-saving technologies such as insulation, heat pumps, new windows or solar panels, thanks to the regional Western Balkans Green Economy Financing Facility (GEFF) programme, launched in the region in 2017.
Marking the programme’s success, a regional Greening the Western Balkans conference held in Sarajevo, Bosnia and Herzegovina today was attended by almost 200 stakeholders from all 6 countries such as Partner Financial Institutions (PFI), regulators and donor communities. The European Bank for Reconstruction and Development (EBRD) representatives presented that these improvements have led to a reduction of CO2 emissions by more than 25,000 tonnes per year and 70,000 MWh annual energy saving achieved. The conference also dived into the insightful discussions through panels and success stories sharing session to accelerate the green transition further in the coming years.
Following the successful regional roll-out of the programme, – as well as the growing interest in energy efficiency financing, the financing capacity of the Western Balkans GEFF was increased from €135 million to €415 million, with plans to expand the programme further. The funding will be channelled through local financial partner institutions and will allow even more households in the region to improve the energy efficiency of their homes.
Aleksandra Vukosavljević, Director, Financial Institutions, Western Balkans and Eastern Europe, EBRD said: “The EBRD GEFF in the Western Balkans has helped advance the region’s transition to a green economy in the residential sector by delivering tangible reduction in carbon emission and lower electricity costs benefiting households and communities, enhancing both economic and environmental sustainability. We are pleased that our support has helped so many households in the Western Balkans to invest in energy-saving improvements. Combating air pollution and decreasing energy intensity are among the EBRD’s top priorities in the region. Given that the residential sector is the one of the largest contributors of energy consumption in the region, we will continue to extend our support, with the GEFF as one of our key support pillars to improve energy efficiency in the residential sector.”
The event in Sarajevo was organised to celebrate the GEFF achievements but also to award contributing partner financial institutions. The Award of Excellence was conferred upon all 30 partner financial institutions from the Western Balkans. The conference also featured dynamic panel discussions focusing on the financial sector’s key role in driving the green transformation of the residential sector, alongside discussions on policy reform’s acceleration of investments within a Renovation Wave. Deliberations extended to green residential technologies, sustainable building investments, and strategies to enhance future GEFF utilization, all underscored by compelling GEFF success stories.
The Western Balkans GEFF was established by the EBRD with the support of donors and provides specialised credit lines for green investment in a gender-responsive way for the residential sector (individual residents, housing collectives and housing management companies, service providers, producers and vendors of green technologies and materials and construction companies). The GEFF is also supported by investment incentives and technical cooperation, supported by grant funds from the European Union (EU) through the Western Balkans Investment Framework, the government of Austria and Japan, and Austria and Switzerland through the High-Impact Partnership on Climate Action (HIPCA). HIPCA is supported by Austria, Canada, Finland, Korea, the Netherlands, Switzerland, Spain, TaiwanICDF and the United Kingdom.
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