1.2 M Metric tons of CO2 emissions reduction per year
The equivalent of taking250KCars off the road Supporting SDG 13: Climate Action
Impact Report 2024
Breaking the billion for lasting green impact
Message from our Board and Advisor
In 2024, we marked our 15th anniversary by passing the EUR 1 billion mark in our portfolio for the first time. The Green for Growth Fund is now one of the largest green blended-finance funds in the market. To date, we have delivered over EUR 2 billion in green finance through 70+ active financial institutions, companies, and infrastructure projects. This is impact on a systematic level and reflects the dedication of our partners, teams, and investors.
We delivered many landmark projects as we continue to grow our direct lending. This includes transforming legacy energy systems into clean energy sites in North Macedonia. We are also investing in corporate decarbonization across resource intensive sectors in Turkey, including the country’s second-largest retail chain.
Working with our financial institution partners, Ukraine’s energy security - and the security of the wider region – remains our focus. From providing solar energy to underserved households to wind projects that power tens of thousands of homes, this work has never been more important.
Driving the energy transition and strengthening energy security in our markets is an urgent task – and our commitment remains strong. Despite the headwinds, we remain steady in our focus and encouraged by the opportunities that lie ahead.
Key Investment Figures
Key Investment Figures
As of Dec 31, 2024
€1.1 B
Assets under management
€1.0 B
Outstanding investment portfolio
€2.1 B
Cumulative volume invested
18
Number of active countries
Placeholder for board chairs first quote on GGF's strategic overview on the funds activities, milestones, accomplishments in 2024
Simon Gupta, Chairperson of the GGF Board of Directors
Key Impact Figures
Key Impact Figures
Figures as of Dec 31, 2024
* Figures are modeled by the Green for Growth Fund based on primary reporting and third-party data
1292 MWRenewable energy capacity supported
That is the renewable energy capacity of North MacedoniaSupporting SDG 7: Affordable and clean energy
1.5MCubic meters of water saved or treated
The equivalent of the water consumption of 36000Households in (country/city)Supporting SDG 6: Clean water and sanitation
4.7M MWh of energy saved annually
The equivalent of the annual energy consumption of260KGerman households. Supporting SDG 11: Sustainable cities and communities
Stories
We directly invest in projects and work with local financial institutions to drive climate action across our regions.
From coal pit to solar plant
Scaling climate action through direct investments
Strengthening energy security
The fund, a blended finance structure, is a public-private partnership that leverages risk-capital provided by public institutions with additional private capital to substantially increase investment volumes to regions and sectors that do not normally attract such flows, and is an early and successful example of blended finance in action.
Borislav Kostadinov, Portfolio Manager GGF at Finance in Motion (GGF's advisor)
Where we invest
Overview
Advisory and Capacity Building highlights
GGF’s Advisory and Capacity Building activities in 2024 focused on embedding sustainability and advancing green finance across partner institutions.
A key highlight was the completion of four Deep Greening Mainstreaming projects, which supported financial institutions in developing ESG strategies, green products, and internal sustainability structures. MAIB, the largest bank in Moldova, launched its first sustainability report, while Acba Bank developed a green bond framework. BKT Kosovo prepared to launch a circular economy product, and BasisBank introduced solar and e-mobility financing solutions.
Beyond financial institutions, GGF supported a supermarket chain in Ukraine with the adoption of an energy-efficient refrigeration system. We also helped SMEs in Georgia adopt sustainable practices, unlocking EUR 2.6 million in green investments. These initiatives strengthen institutional resilience and promote long-term environmental impact.
Mainstreaming Deep Greening
Mainstreaming Deep Greening
Mainstreaming Deep Greening
Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy eirmod tempor invidunt ut labore et dolore magna aliquyam erat, sed diam voluptua.
Novus efficient storage
Novus efficient storage
Novus efficient storage
Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy eirmod tempor invidunt ut labore et dolore magna aliquyam erat, sed diam voluptua.
Piloting Green Advisory
Piloting Green Advisory
Piloting Green Advisory
Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy eirmod tempor invidunt ut labore et dolore magna aliquyam erat, sed diam voluptua.
How we manage impact
The GGF helps reduce the use of energy and resources and prevent CO2 emissions. It pursues this goal by providing dedicated financing to businesses and households in 19 markets across Southeast Europe, including Turkey, the European Eastern Neighbourhood Region, and the Middle East and North Africa. By using a blended finance structure and working through local partner institutions, the GGF is able to raise awareness and implement green finance activities.
Our Investors
short text thanking our investors & donors can go here
European Investment Bank
KfW - German Development Bank
European Union
German Federal Ministry for Economic Cooperation & Development
European Bank for Reconstruction & Development
FMO - Entrepreneurial Development Bank
International Finance Group
Development Bank of Austria
ASN Bank
Fair Finance
GLS Bank
Sorry, in respect of the United States of America, Canada, Japan or Australia or any other jurisdiction in which the distribution, offer, sale, transfer or resale would be prohibited by applicable law, no investment in notes/shares or other instruments of the Fund (or its sub-fund(s)) can be offered or made.