Cooperation between the Ministry of Economy and Sustainable Development, EU and KfW will support the Georgian Energy Sector Reform (GESR) with a budget of €8,44 million. The reform is aimed at strengthening the country’s energy security, improving the energy efficiency of public, industrial, and residential buildings, and, supporting the ongoing reforms of the electricity market which endorse further development of renewable energy.
Under the 4-year programme, it is planned to attract additional private investments, strengthening the competitiveness of Georgian economic sectors through the improvement of energy efficiency, development of renewable energy and reduction of GHG emissions.
The program will also support the establishment of a system of energy performance certification (EPCs), a system of accreditation and certification of energy assessors, energy auditors and energy inspectors, the development and introduction of an energy-efficient procurement system and a long-term renovation strategy and more.
Earlier this year, The Green for Growth Fund (GGF) has joined forces with the Bank of Georgia by using a facility in Georgian lari equivalent to US $20 million to promote sustainable green investments for businesses and households.
The new funding will enable the Bank of Georgia to include selective financing of small-scale renewable energy projects and energy-efficient agricultural equipment and machinery. It is estimated that the funding will contribute to an additional primary energy savings of 12,800 MWh/a and CO2 reductions of 3,200 t/a.