The EU and the European Bank for Reconstruction and Development (EBRD) are increasing support for renewables and other green investments in Egypt, Morocco and Eastern Partnership countries of Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine.
The EU will provide €61.3m in grants to support three EBRD programmes to help businesses in these markets invest in energy efficiency, cut emissions, introduce green technologies, support the circular economy as well as improve legal frameworks for clean energy investments.
In Egypt, a €24.8m grant from the EU will support the EBRD’s Green Energy Financing Facility.
The facility focuses on supporting energy-efficient and renewable energy investments through local financial institutions that will lend to private companies.
In Morocco, the partnership will provide €21.1m for the GEFF to enable local businesses to invest in renewable generation and other green technologies.
In the Eastern Partnership region €15.4m 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.
These are expected to accelerate the adoption of innovative climate technologies and sustainable business practices.
EBRD policy and partnerships vice president Pierre Heilbronn said: “Our strong cooperation with the EU will bring concrete benefits for the environment in the countries where we jointly provide climate finance and support.
“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.”
EU commissioner Oliver Varhelyi added: “Our longstanding cooperation with the EBRD is extremely valuable, including in the domain of green finance where the bank has important experience.
“In Egypt and Morocco as well as in the Eastern Partnership countries, our joint support will help to step up energy-efficient and renewable-energy investments in the private sector, thus helping to build sustainable economies.”