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In support of green investments in industrial and residential sectors
The Green Climate Fund is allocating US$ 378 million to support green investments by the European Bank for Reconstruction and Development (EBRD) under the Bank’s Green Economy Transition (GET) approach aimed at reducing emissions and combatting climate change. This is the Fund’s largest approval to date.
The Green Climate Fund was created in 2010 under the United Nations Framework Convention on Climate Change (UNFCCC). It allocates its resources to low-emission and climate-resilient projects and programmes in developing countries.
The contribution to the EBRD will be made in support of sustainable energy financing facilities the Bank is offering in Armenia, Egypt, Georgia, Jordan, Moldova, Mongolia, Morocco, Serbia, Tajikistan and Tunisia. These frameworks provide loans and technical assistance to partner financial institutions for on-lending to invest in energy efficiency, renewable energy and climate resilience projects in the industrial and residential sectors. The government of Korea has pledged an additional US$ 3 million for technical support associated with the programmes.
Read the full story here.