The Global Green Growth Institute (GGGI) and GET.invest have agreed to collaborate on supporting investment into renewable energy in the Pacific region via an exchange of letters on August 1st, 2022.
GET.invest is a European programme that mobilizes investments in decentralized renewable energy, supported by the European Union, Germany, Sweden, the Netherlands, and Austria, and implemented by GIZ. Since mid-2021, GET.invest has been operationalizing a regional window in the Pacific, in line with the overall mandate of GET.invest: to mobilize private sector and build a pipeline of investment-ready decentralized renewable energy projects. Through its advisory facility, the GET.invest Finance Catalyst, the programme provides on-demand support to get projects and businesses ready for finance and links them with suitable financing opportunities.
The Global Green Growth Institute (GGGI) is a treaty-based international, inter-governmental organization dedicated to supporting and promoting strong, inclusive and sustainable economic growth in developing countries and emerging economies. GGGI in the Pacific is the implementing partner of the Climate Finance Access Network (CFAN) program funded by the Government of Canada to support eight countries which include Fiji, Kiribati, PNG, Tonga, Tuvalu, Samoa, Solomon Islands and Vanuatu. The CFAN program aims to increase climate finance access by writing quality concept notes and creating a green investment pipeline while also building the capacity of government counterparts to develop concept notes and full proposals and engage with potential public and private investors to access climate finance.
Objectives of the Partnership
Under the partnership, GGGI and GET.invest intend to leverage respective strengths and work together to increase investment in decentralized renewable energy projects, focusing on the Pacific region, where market barriers to private sector investment in the energy sector are particularly pronounced. Together, the two partners will provide a complementary service offering to projects seeking support in relation to de-risking and financing, building on previous successful collaborations such as joint work to support a green housing project developed by the Saint Lucia Development Bank in the Caribbean.
The acceleration of investments in decentralized renewable energy projects and companies will enable increased access to affordable, reliable and clean energy in the region, in particular for the many remote islands and atolls that are currently not fully electrified, while contributing to the ambitious climate and renewable energy targets set by Pacific governments.
As a first step, a number of opportunities have been identified through the Climate Finance Access Network (CFAN) program that may be jointly supported with advisory services covering project development, investment strategy, structuring and access to finance as well as investment facilitation and transactions. Both parties now look forward to a fruitful collaboration.