EBRD allocates $54 million for development of energy efficiency in Georgia
By Natalia Kochiashvili
Friday, December 13
The increased energy prices, the aspiration to reduce the risks of dependence on external energy supplies, and improvements in energy distribution collection levels have created preconditions for the development of energy efficiency in Georgia.
The European Bank for Reconstruction and Development (EBRD) is launching a new Green Economy Financing Facility (GEFF) programme in Georgia to develop energy efficiency. According to the EBRD, the facility supports small and medium-sized enterprises, corporations and residential households by making loans available through local partner banks for energy efficiency, climate adaptation and mitigation projects.
GEFF Georgia’s goal is to support the expansion of green finance. In accordance with the bank’s statement, that donor funding will help ensure that women and men have equal opportunities in accessing finances and running their businesses.
EBRD says that possible investments include energy-efficient construction materials, double-glazed windows, and doors, thermal insulation, lighting, construction, agricultural equipment, and machinery, as well as photovoltaic solar panels, geothermal heat pumps, and water-efficient irrigation systems.
The Georgian businesses can identify typical green technologies that are available in Georgia by using the GEFF Technology Selector.
GEFF Georgia will have a volume of $ 54 million. The program is co-financed by the Green Climate Fund (GCF) and the Austrian Federal Ministry of Finance. The GCF is the largest climate fund in the world and supports the efforts of developing countries to respond to climate change.
The BERD has awarded TBC Bank for financing the best energy-efficient projects and promoting green economic development in Georgia. The awards ceremony was held in Sheraton Metekhi Palace Hotel in Tbilisi. The meeting was attended by EBRD partner institutions and organizations, the private sector of Georgia, international donors and government officials.
The authors of the best energy-efficient projects were identified at the event, these were 6 companies, including LiderFood Ltd and Shilda Hydro Power Plant, which have been cooperating with TBC Bank for many years.
BasisBank has also been granted a special award for the best energy efficiency and renewable energy projects under the EBRD program Energocredit. Energocredit was supported by the European Union and the Austrian Ministry of Finance.
Caucasus Energy Efficiency Program - funded by CEEP, EBRD, EU and Austrian Ministry of Finance, under which 31 companies and more than 29,000 households in Georgia have received more than ˆ 42 million of energy credits from 6 local banks in 2012. GEFF is a continuation of the Caucasus Energy Efficiency Program.
The EBRD is a leading institutional investor in Georgia. The bank has invested over ˆ3.5 billion in up to 240 projects in the financial, corporate, infrastructure and energy sectors, with 89 % of these investments in the private sector.