Financing Energy Efficiency and Renewable Energy Investments for Climate Change Mitigation

Project Summary

This project is designed to establish a dedicated financial facility for energy efficiency and renewable energy in Eastern Europe and CIS that can serve as a vehicle for the large-scale participation of private sector investors in partnership with public entities. The proposal is to support the development of a US$ 250 million public-private equity Fund that will be able to complement other funding schemes (including those implemented or contemplated by the GEF and/or other supporting institutions) and, as a result, leverage an investment volume of upt to US$ 2 billion for energy efficiency and renewable energy projects.

Project Details

GEF Project ID
Project Type
Full-size Project
Focal Areas
Funding Source
GEF Trust Fund
Implementing Agencies
United Nations Environment Programme
Executing Agencies
UN Economic Commission for Europe (UNECE)
GEF Period:
GEF - 3
Approval Fiscal Year:


Project Preparation Grant Amount
GEF Project Grant
3,000,000 USD
Co-financing Total
9,060,000 USD
GEF Agency Fees
270,000 USD
Total Cost 12,060,000.00 USD

Project Timeline

Received by GEF
05 Oct 2004
Concept Approved
01 Nov 2005
Project Approved for Implementation
25 Oct 2006
Project closed
01 Feb 2014