SEOUL – June 04, 2018 – Member and partner countries of the Global Green Growth Institute (GGGI) achieved impactful green growth results in 2018 through innovative partnerships that support developing countries and emerging economies transition toward environmentally sustainable and socially inclusive economic growth.
Recognizing the importance of partnerships to deliver at greater scale and impact, GGGI has committed to identifying and engaging with partners that share its mission. According to the GGGI 2018 Annual Report, published today, GGGI developed over 70 partnerships in the delivery of 30 projects last year.
GGGI’s diverse partnerships with governments, financial institutions, the private sector, academic institutions, intergovernmental organizations, and global initiatives and platforms helped bring together stakeholders and scale-up green growth impact in developing countries.
In December 2018, at COP24 in Katowice, Poland, Fiji launched its Low Emissions Development Strategy (LEDS) as the vehicle to support international climate action while growing an inclusive, green economy. Fiji designed its LEDS with the support of international development partners including GGGI, which led the stakeholder consultation process, extensive modeling and scenario development, and the mainstreaming of environmental and social co-benefits.
Nepal, meanwhile, launched its National Action Plan for Electric Mobility in 2018 and took significant steps to roll out Kathmandu’s first fleet of electric buses and drive the way toward cleaner, greener public transport. GGGI provided advisory support for the development of the National Action Plan, and worked with bus operators to specify, procure, and deploy the first of an eventual fleet of 71 electric buses that are planned over the next five years.
In October 2018, the P4G Copenhagen Summit accelerated and showcased partnerships with scalable solutions to some of the global challenges in food and agriculture, water, energy, cities and circular economy. A founding member of the P4G coalition to achieve the SDGs through innovative partnerships, GGGI highlighted its work with P4G on electric buses, a clean energy accelerator, and industrial parks in Africa, and its support to set-up national P4G platforms in Ethiopia, Vietnam, Mexico and Colombia.
“GGGI strongly believes that multi-stakeholder partnerships are critical to addressing climate change and environmental degradation, driving the 2030 Agenda for Sustainable Development and meeting NDC commitments,” said Dr. Frank Rijsberman, Director-General of GGGI. “The transition to a model of economic growth that is green can only be accomplished through strong, innovative, and catalytic partnerships.”
GGGI’s growing network of partners provide its Member and partner countries with increasing opportunities to mobilize climate finance to realize green investments. GGGI supported its Member and partners to catalyze USD 482 million in green investments in 2018.
Combined with USD 525 billion mobilized in 2017, GGGI helped countries catalyze over USD 1 billion in green and climate finance over the course of its Work Program and Budget 2017-2018.
In 2018, the Rwanda Green Fund (FONERWA) secured a USD 32.8 million grant from the Green Climate Fund (GCF) in support of increasing the resilience of vulnerable communities to climate change in northern Rwanda. This project is expected to benefit some 531,400 community residents and mitigate approximately 273.7k tons of CO2 equivalent. GGGI has been supporting FONERWA for many years through capacity development and the elaboration of a multi-year business and sustainability plan.
The Mongolia Green Finance Corporation, a National Financing Vehicle that GGGI helped to develop, secured USD 10 million in equity from the GCF in 2018, to increase access to finance for segments of the economy that are under‑served. The proposal for this funding was developed by GGGI as part of a GCF Readiness project, and submitted to the GCF by the Accredited Entity, XacBank.
Thailand’s Provincial Electricity Authority (PEA), a state-owned electricity utility, secured USD 20 million in investments from EESL, an Indian state-owned ESCO company, to improve the energy efficiency of Thailand’s small and medium enterprises (SMEs). This result was achieved through strong contributions from GGGI as part of its Thailand SME Energy Efficiency program.
GGGI also supported Norway, a founding GGGI member, and Colombia, a long-time partner on its way to full membership, renew a Joint Declaration of Intent in 2018, to ensure continued funding and technical expertise to protect some of the most valuable, life-supporting, and biodiverse forests in the world. As part of this renewal, Norway stands ready to contribute up to USD 50 million per year until 2025.
In 2018, GGGI also developed a very healthy and growing new green investment project pipeline worth over USD 650 million in collaboration with members and development partners.
Visit http://report.gggi.org/2018/ to learn more.
Read the 2018 Annual Report Key Messages here.
About the Global Green Growth Institute (GGGI)
Based in Seoul, GGGI is an intergovernmental organization that supports developing country governments transition to a model of economic growth that is environmentally sustainable and socially inclusive. GGGI delivers programs in 33 partner countries with technical support, capacity building, policy planning and implementation, and by helping to build a pipeline of bankable green investment projects.
More on GGGI’s events, projects and publications can be found on www.gggi.org. You can also follow GGGI on Twitter and join us on Facebook, YouTube and LinkedIn.