The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are stepping up their support for green investments and climate resilience in Egypt, Morocco and the countries of the Eastern Partnership, EDNews.net reports citing Trend.

The EU is providing a total of 61.3 million euros in grants to support three EBRD programs helping businesses invest in energy efficiency, cut their carbon footprint, introduce innovative green technologies, support the circular economy and improve legal frameworks for energy and resource efficiency investments.

"Climate finance is a crucial instrument for green investments, to increase the use of renewable energy and to build a low-carbon future, especially at a time when the coronavirus pandemic and the drop in fossil fuel prices threaten climate action progress. The EBRD and the EU via Team Europe are committed to accelerating a green recovery in the countries where they work together," the report said.

In the Eastern Partnership region, €15.4 million from the EU4Climate initiative will be channelled through the EBRD’s Finance and Technology Transfer Centre for Climate Change (FINTECC) program to corporate sector clients via investment grants, technical assistance and the offer of climate innovation vouchers, which are expected to accelerate the adoption of innovative climate technologies and sustainable business practices.

“Our strong cooperation with the EU will bring concrete benefits for the environment in the countries where we jointly provide climate finance and support. On top of our investments, we will also focus on improving the regulatory framework for such green investments to develop a sustainable market for climate technology in the region,”Pierre Heilbronn, EBRD Vice President, Policy and Partnerships said.

In turn, Olivér Várhelyi, European Union Commissioner for Neighbourhood and Enlargement said that longstanding cooperation with the EBRD is extremely valuable, including in the domain of green finance where the bank has important experience.

"In Egypt and Morocco as well as in the Eastern Partnership countries, our joint support will help to step up energy-efficient and renewable-energy investments in the private sector, thus helping to build sustainable economies,” he said.

The EBRD is a pioneer in financing projects that promote renewable energy and combat climate change. To date, the EBRD has signed €34 billion in green investments, financed more than 1,900 green projects and reduced over 102 million tonnes of carbon dioxide emissions.