The additional funds allocated by the EBRD, lead to expansion of GGF activity, the report said. “The demand for funding of projects in the field of sustainable energy remains high in South-Eastern Europe, where the effects of the financial crisis still affect bank lending,” the report said.
“Over the years, the EBRD has acquired extensive experience in the field of renewable energy and energy efficiency, and we are pleased to support GGF both directly with these investments and indirectly, by working together to find a high quality projects,” said the director on the bank`s financial institutions Henry Russell. “Support for projects that promote the development of less expensive and more environmentally friendly resources is good not only for the environment, but also for the economy of the countries in which the EBRD operates.”
With the launch of the Sustainable Energy Initiative in 2006 and until 2013 the EBRD invested 13 billion euros in 756 projects on sustainable energy in 35 countries. These projects are expected to lead to an annual reduction of CO2 emissions by more than 62 million metric tons. In 2014, about one-third of all EBRD investments will be linked to sustainable and renewable energy.
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