Thursday, 28 October 2021 02:48 GMT

Georgia shows strong commitment to transitioning to clean energy - GGF

(MENAFN- Trend News Agency ) BAKU, Azerbaijan, Sept. 18

By Tamilla Mammadova – Trend:

By creating an enabling environment for green investments, Georgia has shown a strong commitment to transitioning to clean energy, the Green for Growth Fund (GGF) told Trend .

"Currently, GGF has 7 partner institutions in Georgia, with an outstanding investment amount averaging 8.1 million euros per partner institution. Since inception, the fund has facilitated over 100 million euros sub-loans for green investments in the country, reducing over 50,000 tons of carbon emissions per year," said the GGF.

In particular, the country has been making rapid progress on its commitments under the Energy Community since it joined in 2017, said the company.

"Many of those policy and regulatory efforts are directly responsible for stimulating green investments and we see this trend continuing as the country proceeds to transpose and enact that legislation," the source added.

Moreover, it is encouraging to see the engagement of the National Bank of Georgia as a member of the Sustainable Banking Network and its efforts to develop a green finance taxonomy. This gives the financial sector clear signals and a common way of describing and understanding what they are achieving said the GGF.

"Solar will be a significant part of the financing we provide in Georgia in the near future and are currently finalizing the review of two projects; one to support the production of solar panels in the local market, and another to install solar PV on the roof of a new building. In addition to this, the GGF has a broader approach to green finance that also includes energy and resource efficiency in households and businesses," said the GGF.


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