By Trend

Georgia has been making rapid progress on its commitments under the Energy Community since it joined in 2017, the Green for Growth Fund (GGF) told Trend.

"By creating an enabling environment for green investments, Georgia has shown a strong commitment to transitioning to clean energy," the fund said.

"Currently, GGF has 7 partner institutions in Georgia, with an outstanding investment amount averaging 8.1 million euros per partner institution. Since inception, the fund has facilitated over 100 million euros sub-loans for green investments in the country, reducing over 50,000 tons of carbon emissions per year," the GGF added.

According to the source, many of those policy and regulatory efforts are directly responsible for stimulating green investments and the fund sees this trend continuing as the country proceeds to transpose and enact that legislation.

"Moreover, it is encouraging to see the engagement of the National Bank of Georgia as a member of the Sustainable Banking Network and its efforts to develop a green finance taxonomy. This gives the financial sector clear signals and a common way of describing and understanding what they are achieving," the GGF noted.