Make your city green with support from EBRD and the Green Climate Fund
The Green Climate Fund (GCF) strongly supports EBRD efforts to enhance urban environmental sustainability. On July 2, they both signed the disbursement of 87 MEUR as the first tranche of a 228 MEUR facility to support the EBRD Green Cities programme.
The GCF is a global fund created to support the efforts of developing countries to respond to the challenge of climate change. It was set up in 2010 by the 194 countries who are party to the United Nations Framework Convention on Climate Change (UNFCCC), as part of the Convention's financial mechanism.
Under the agreement, nine countries are eligible to receive support: Albania, Armenia, Georgia, Jordan, Moldova, Mongolia, North Macedonia, Serbia and Tunisia. The financial support can take the form of grants and concessional funding for investments in sustainable infrastructure, technical support and capacity building and/or roadmaps for cities to access green finance.
The areas of support may include promoting climate action in cities through the mitigation of greenhouse gases and adaptation to increasing climate risks. Investments are also targeted towards projects to limit water, air and soil pollution and solid waste management.
Cities like Amman, Belgrade, Chisinau, Izmir, Kiev, Minsk, Sarajevo, Podgorica, Pristina, Sofia, Tirana and many more are already receiving support under this funding scheme.
In parallel, the EU and EBRD are also workingtogether on promoting urban sustainability and climate resilience through the Neighborhood Investment Platform (NIP). The NIP is a mechanism aimed at mobilising additional funding to finance capital-intensive infrastructure projects in EU partner countries through investment grants and risk capital operations targeting small and medium-sized enterprises. As of 2018, the EU support allocated to projects through this facility amounted to €2.3 BEUR, mobilising over 21 BEUR provided by (publicly owned) Development Finance Institutions and leveraging a total funding volume of over 38 BEUR.
To find out more about funding mechanisms and opportunities for your business, get in touch.