Georgia seeks KFW and GGF support for the country’s new renewable energy developments

A declaration on the development of clean and renewable energy in Georgia has been signed between the Georgian Economy Ministry and the German Development Bank (KfW). The declaration is aimed at unleashing the potential and benefits of green hydrogen in Georgia; increasing supply security and decreasing dependence on imported gas; increasing the pace of development of RES for mitigating carbon emissions and the creation of export opportunities for the country.

Georgian Economy Minister Natia Turnava stressed the importance of Georgia’s appearance ‘on the map of green hydrogen exploration, noting that Georgia will be one of the first countries in the region “to turn this technology into reality” with the support of its German partners.

Earlier in October, the Green for Growth Fund (GGF) has joined forces with the Bank of Georgia by using a facility in Georgian lari equivalent to USD 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 an additional primary energy savings of 12,800 MWh/a and CO2 reductions of 3,200 t/a.