The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) are strengthening their cooperation by launching the new US$ 1.01 billion ‘High impact program for the corporate sector. The agreement was signed on 2 June.
The program combines US$ 252.5 million of concessional finance from the GCF with US$ 757.5 million from the EBRD and other co-financiers, and an additional US$ 5.53 million from the GCF and US$ 1.36 million from the EBRD for technical assistance and policy dialogue. It will promote the uptake of low-carbon technologies in the industrial sector.
The program is the Green Climate Fund’s first at-scale engagement in the sector. It has been designed to facilitate a transformational shift within the energy-intensive industries, agribusinesses, and the mining sector of several countries, including Armenia. The program will support the early adopters of low-carbon technologies, provide them with an action plan of realistic investment and a strategic review of their business model.
Overall, the program is expected to reduce emissions by 17.2 million t CO2 over a 20-year asset lifetime, which is equivalent to avoiding one year’s worth of energy-related CO2 emissions by a country like Croatia.
