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Georgia shows strong commitment to transitioning to clean energy - GGF

Business Materials 31 January 2021 11:18
Georgia shows strong commitment to transitioning to clean energy - GGF

BAKU, Azerbaijan, Jan. 31

By Tamilla Mammadova – Trend:

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

"Currently, GGF has 7 partner institutions in Georgia, with an outstanding investment amount averaging 8.1 million euro per partner institution," the source said.

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, the GGF said.

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

As the GGF noted, 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," the fund added.

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