4.1 C
Donji grad
Tuesday, November 29, 2022

EBRD and GCF to boost climate action with new US$ 1 billion programm

Scaling up green financing, the European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) are strengthening their cooperation by launching the new US$ 1.01 billion “High impact programme for the corporate sector”.

The programme combines US$ 252.5 million of concessional finance from the GCF with US$ 757.5 million from the EBRD and other co-financiers, and an additional US$ 5.53 million from the GCF and US$ 1.36 million from the EBRD for technical assistance and policy dialogue. It will promote the uptake of low-carbon technologies in the industrial sector.

The programme is the GCF’s first at-scale engagement in the sector. It has been designed to facilitate a transformational shift within the energy-intensive industries, agribusinesses and the mining sector of Armenia, Jordan, Kazakhstan, Morocco, Serbia, Tunisia and Uzbekistan.

In these sectors and countries, key barriers need to be overcome to unlock potential to deliver climate benefits. Critical financial barriers to the uptake of climate technologies across industrial, agribusiness and mining sectors contribute to the higher costs that early adopters of technologies face due to a lack of access to suitable financial products with adequate pricing. 

The programme will support the corporates in formulating a low-carbon pathway, along with a concrete action plan of realistic investment and a strategic review of their business model as part of their corporate climate governance undertakings. 

Overall, the programme is expected to reduce emissions by 17.2 million tCO2 over a 20-year asset lifetime, which is equivalent to avoiding one year’s worth of energy-related CO2 emissions by a country like Croatia.

Source: EBRD

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