In Mongolia, GEFF provides finance and advice for households and private sector businesses to improve competitiveness, through high performance technologies and practices. GEFF Mongolia builds upon the successes of the Mongolian Sustainable Energy Financing Facility (MonSEFF), which operated from 2014 until 2019. MonSEFF had a total volume of USD 25 million and helped almost 40 Mongolian businesses to reduce their energy consumption through targeted investments in new equipment and energy efficiency measures. Combined, the projects financed generated 255,047 MWh in annual energy savings and reduced carbon emissions by 94,044 ton eq. CO2/y.
The new GEFF facility goes even further and supports Mongolia’s green economy transition with US$ 92 million of financing for energy efficiency and small-scale renewable energy investments. Households and companies can request from banks participating in the facility:
The technical support is provided by a local GEFF team for various stages of project origination, investment appraisal and project implementation. This helps identify the best solutions and ensure quality green economy projects are successfully financed. The Facility in Mongolia is a product of the European Bank for Reconstruction and Development (EBRD). GEFF’s partnership with donors is central to promoting the green economy. Donors provide critical support to GEFF projects that mitigate or build resilience to the effects of climate change and other environmental threats. The Facility in Mongolia is supported by the Green Climate Fund (GCF) and the Japan-EBRD Cooperation Fund.
Through GEFFs the EBRD provides credit lines to local financial institutions so that they can finance the green investments of a large number of eligible beneficiaries.
GEFF goes beyond providing simple lines of finance. An experienced EBRD team of bankers and technical programme managers ensures consistent quality and innovation in the GEFF product and service delivery. In addition, advisory services are available to help participating financial institutions and their clients enhance their market practices.
This helps GEFFs demonstrate the benefits of green economy investments and how to turn green projects into sound investments.