The Green Economy Financing Facility (GEFF), supporting energy efficient investments for Montenegrin homes, officially launched in Podgorica today. This EBRD Programme is funded by the EU and other donors.
The GEFF will provide loans to households for energy efficiency improvements through partner financial institutions. Crnogorska Komercijalna Banka (CKB) has signed up as the first partner bank in the country, with a credit line of €2 million.
Families in Montenegro will be able to take out loans for green technology solutions, such as new double-glazed windows, high-efficiency boilers and insulation for their homes. These investments will help them to not only become more energy efficient but also decrease their greenhouse gas emissions and improve their living standards.
Homeowners who benefit from financing under the programme will also be eligible to apply for an EU grant for up to 20 per cent of their investment. Companies producing and installing these energy efficient solutions, such as windows or boilers, can also access financing under the programme.
Herman Spitz, Head of Cooperation Section at the EU Delegation, said on the occasion: “Increasing energy efficiency is at the core of EU’s Energy Union: it enhances energy security while decreasing CO2 emissions, boosts innovation and creates jobs in the energy sector. Montenegro is joining this important effort and the EU is supporting the country in return. We have dedicated €30 million to support energy efficiency investments in the Western Balkans. EU’s support, channelled through the EBRD’s Green Economy Facility, will help Montenegrin citizens improve energy efficiency of their homes.”
“We are pleased that Montenegro has joined the GEFF family and that Montenegrin citizens will now have access to well-structured finance and incentive grants for investments that will contribute to improving energy efficiency of their homes. Strengthening green economy with investments in renewables and energy efficiency is one of key priorities of the EBRD in Montenegro and we are happy that together with the EU, Austria and other donors we are contributing to building a greener future in the country”, says Jaap Sprey, EBRD Head of Montenegro.
“We are delighted to be the first bank in Montenegro to join the GEFF programme and to foster green lending in the country. With the EBRD as a partner, we will support our clients with incentivized credit lines for energy efficiency investments in their homes to make them more cost-efficient and comfortable,” adds Pal Kovacs, CKB’s CEO.
Households can select the technologies they wish to invest in by using the Technology Selector, an on-line catalogue of pre-approved energy-efficient equipment available on the Montenegrin market. The catalogue includes items such as thermal insulation, double-glazed windows, high-efficiency boilers, heat pumps, solar collectors/solar water heaters and photovoltaic systems.
The GEFF programme for the Western Balkans, implemented by the EBRD, is worth €135 million. The programme is implemented under the umbrella of the EU Regional Energy Efficiency Programme for the Western Balkans, funded by the EU and implemented in partnership with the Energy Community Secretariat.
The programme is also supported by the EU-funded Western Balkans Investment Framework, the Government of the Republic of Austria and other bilateral donors to the Western Balkans Investment Framework.
Other countries of the Western Balkans have already been using the programme successfully. So far, around 7000 households have improved their energy efficiency with projects that contributed to a reduction of over 10,000 tons of CO2 emissions per year, equivalent to removing 6000 cars from the street.
For more information, see http://www.ebrdgeff.com/montenegro
More information here.