Another successful year of operations comes to a close for GEFF in Georgia. Operating with funds from the EBRD and other donors, the facility provides businesses with financing that accelerates their transition to more sustainable business practices. Since its inception, the Facility has maintained cooperation with three partner financial institutions (PFIs) that disburse the funds to businesses for the purpose of financing green technologies and green projects.
Despite the challenges faced by the world’s economies in 2022, GEFF in Georgia successfully financed several renewable energy projects in the production, construction and distribution sectors. Due to increased electricity prices in Georgia, many businesses started seeking ways to reduce their operating costs. As a result, GEFF in Georgia financed the purchase and implementation of solar power stations for several businesses totalling USD 400,000. The total volume of CO2 emissions that will be avoided as a result of these investments is approximately 600 tonnes per year.
While it is encouraging to see increased interest in solar energy among businesses, owners should know that there are a number of important matters to consider when thinking about investing in a solar PV station. The GEFF facility in Armenia (GEFF in Armenia), which has been operating since 2019, has financed more than 200 solar PV projects. As part of their operations, local experts have audited many of the projects and have identified several issues that could pose a risk to electricity generation as well as human safety. In order to help businesses avoid mistakes such as these and to consider the important aspects of solar PV implementation, GEFF has created an educational video that outlines the most common mistakes and explains how to avoid them. The video helps businesses that are at the initial stages of investment or that are considering an investment in solar energy.
Creating educational content has also been a priority for GEFF in Georgia since its inception. Throughout its operations, the Facility has conducted, organised, and participated in many events and workshops that raise awareness about the importance of using energy-efficient technologies in business. In 2022, GEFF in Georgia organised four workshops on inclusivity, climate change, and green financing. Two of the workshops were specifically designed for women-led businesses, and were aimed at outlining the financial, social, and environmental benefits of including sustainable approaches and technologies in business. Furthermore, GEFF in Georgia organised a session for its PFIs stressing the importance of diversifying their portfolio with sustainable businesses. A session organised for Georgian SMEs showcased various green technologies that can be used for businesses in any industry. Approximately 100 business representatives attended the workshops, which due to high demand were extended to 2023.
GEFF in Georgia has also financed construction projects in 2022. These investments are aimed at incorporating energy-efficient materials and technologies such as EE windows and doors, lighting systems, elevators – all of which contribute to better living environments. This is extremely important nowadays as many people are working from home.
GEFF in Georgia will continue its operations in 2023 and aims to multiply sustainable businesses in the country.
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