The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are stepping up their support for green investments and climate resilience in Egypt, Morocco and the countries of the Eastern Partnership (Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine).
The EU is providing a total of 61.3 million euros in grants to support three EBRD programmes helping businesses invest in energy efficiency, cut their carbon footprint, introduce innovative green technologies, support the circular economy and improve legal frameworks for energy and resource efficiency investments.
“Our strong cooperation with the EU will bring concrete benefits for the environment in the countries where we jointly provide climate finance and support,” said Pierre Heilbronn, EBRD Vice President, Policy and Partnerships. “On top of our investments, we will also focus on improving the regulatory framework for such green investments to develop a sustainable market for climate technology in the region.”
Climate finance is a crucial instrument for green investments, to increase the use of renewable energy and to build a low-carbon future, especially at a time when the coronavirus pandemic and the drop in fossil fuel prices threaten climate action progress.
In particular, in the Eastern Partnership region, 15.4 million euros from the EU4Climate initiative will be channelled through the EBRD’s Finance and Technology Transfer Centre for Climate Change (FINTECC) programme to corporate sector clients via investment grants, technical assistance and the offer of climate innovation vouchers, which are expected to accelerate the adoption of innovative climate technologies and sustainable business practices.