- Western Balkans households invest over €100 million in energy-saving measures
- CO2 emissions reduced by more than 25,000 tonnes a year
- Western Balkans GEFF programme continues, with an increased financing capacity of €415 million
In less than seven years, more than 18,000 households in the Western Balkans have invested over €100 million in energy-saving measures such as insulation, heat pumps, new windows and solar panels, thanks to the Western Balkans Green Economy Financing Facility (GEFF) programme, which was launched in 2017.
To celebrate the programme’s success, a regional Greening the Western Balkans conference was held in Sarajevo, Bosnia and Herzegovina, on 29 May. The conference was attended by almost 200 stakeholders from the six Western Balkans countries, including representatives of partner financial institutions (PFIs), regulators and donor communities. Representatives of the European Bank for Reconstruction and Development (EBRD) explained that these measures had reduced CO2 emissions by more than 25,000 tonnes a year and were producing annual energy savings of 70,000 MWh. The conference featured insightful panel discussions and the sharing of success stories, with a view to further accelerating the transition to a green economy in the coming years.
The conference was opened by Srđan Amidžić, Bosnia and Herzegovina’s Minister for Finance and the Treasury. He emphasised that the Western Balkans GEFF was playing a crucial role by supporting the decarbonisation of the residential sector in the Western Balkans and advancing the green agenda. He said: “The European Bank for Reconstruction and Development is one of the largest institutional investors in Bosnia and Herzegovina and provides significant support for the development of the private sector through its support for small and medium-sized enterprises, its strengthening of the financial sector and its large investments in infrastructure projects. Banks in Bosnia and Herzegovina have shown exemplary social responsibility, because the Green Economy Financing Facility is both a social and a business challenge. I invite all banks to participate in this cost‑effective financing project and contribute to the financing of green technology, energy efficiency and efforts to tackle climate change, which represents one of the key obligations on Bosnia and Herzegovina – a candidate country on its way to the European Union – as it transitions to the EU market and standards and enjoys all the advantages that this process entails for our citizens.”
Following the successful roll-out of the GEFF programme in the Western Balkans, and in light of the growing interest in energy efficiency measures, the financing capacity of the Western Balkans GEFF has been increased from to €415 million, with plans to expand the programme further in the future. That funding will be channelled through local PFIs, allowing even more households in the region to improve the energy efficiency of their homes.
Aleksandra Vukosavljević, the EBRD’s Director of Financial Institutions for the Western Balkans and eastern Europe, said: “The Western Balkans GEFF has helped to advance the region’s transition to a green economy by delivering tangible reductions in the carbon emissions and electricity costs of the residential sector, benefiting individual households and the wider community and enhancing both economic and environmental sustainability. We are pleased that our support has helped so many households in the Western Balkans to invest in energy-saving improvements. Combating air pollution and reducing energy intensity are two of the EBRD’s top priorities in the region. Given that the residential sector is one of the largest contributors to energy consumption in the Western Balkans, we will continue to increase our support in this area, with the GEFF acting as one of our key pillars for the improvement of energy efficiency in the residential sector.”
The event in Sarajevo did not just celebrate the achievements of the Western Balkans GEFF programme as a whole; it also paid tribute to individual PFIs. Notably, the EBRD’s Gold Sustainability Award for 2024 in the Environmental and Social Innovation Category was presented to Erste Bank Serbia. This award recognised Erste Bank’s outstanding innovation and its valuable contribution as a partner in the Western Balkans GEFF programme, as exemplified by its pioneering provision of financing to a housing association – a first in the Western Balkans market. In fact, the event saw all 30 PFIs in the Western Balkans being formally commended for their excellent performance.
The conference also featured lively panel discussions focusing on the key role that the financial sector has played in driving the residential sector's green transition, alongside exchanges about policy reforms aimed at accelerating investment as part of a “renovation wave”. Those discussions covered green residential technologies, investment in sustainable construction and strategies to enhance future utilisation of the Western Balkans GEFF, all underpinned by compelling GEFF success stories.
The Western Balkans GEFF was established by the EBRD with the support of donors and provides specialist credit lines for green investment by the residential sector (individual residents, housing collectives and housing management companies, service providers, producers and vendors of green technologies and materials, and construction companies) and the public sector in a gender-responsive way. The Western Balkans GEFF is supported by investment incentives and technical cooperation, and is funded by the governments of Austria and Japan, the European Union through the Western Balkans Investment Framework (WBIF), and Austria and Switzerland through the High-Impact Partnership on Climate Action (HIPCA). The HIPCA is supported by Austria, Canada, Finland, the Netherlands, South Korea, Spain, Switzerland, TaiwanICDF and the United Kingdom.
