Helping households invest in high-performing technologies with financing from local financial institutions
The EBRD has adopted a Green Economy Transition (“GET”) approach to put at the forefront of its mandate investments that advance the transition to a green, environmentally sustainable and low-carbon economy. Green Economy Financing Facilities (“GEFFs”) are one of the main instruments utilised under the GET, with a very successful track record of implementation to date. More than €5 billion worth of financing has been deployed through GEFF programmes in 27 countries and implemented together with 155 local financial institutions that have on-lent to over 200,000 beneficiaries in the industrial, residential and municipal sectors, avoiding an estimated 9 million tonnes of CO2/year and saving 33 million MWh of energy/year.
To help Romania improve energy efficiency of its residential housing stock, in 2017 the EBRD developed and launched (with support from donors: TaiwanICDF and the Global Environment Facility), a new GEFF Romania programme to finance energy and resource efficiency investments in residential buildings. €100 million were made available for on-lending by Romanian Financial Institutions to households as well as suppliers of energy efficient equipment, for thermal rehabilitation of residential premises. The programme is still active and has been successfully deployed to the market with 85% of the funds already disbursed.