The European Union (EU) has recently approved €61.3 million in grants for several European Bank for Reconstruction and Development (EBRD) programmes for green investments and climate change resilience. The subsidy comes under the EBRD’s Green Energy Financing Facility (GEFF), set up to support companies and owners wishing to invest in green technologies. In Morocco, the EU grant (via the EBRD) will enable local companies to invest in green technologies. Subsidising renewable energy in Egypt“Climate finance is a key instrument for green investments, for increasing the use of renewable energy and building a low-carbon future, especially at a time when the coronavirus pandemic and falling fossil fuel prices threaten progress on climate action. The EBRD and the EU (…) are committed to accelerating green recovery in the countries where they work together,” says the EBRD.

Source: The North Africa Journal July 03, 2020 11:47 UTC