Serbia has been late to join the green revolution. But the European Bank for Reconstruction and Development, or EBRD, is launching a new effort to boost sustainability in the Western Balkan country.
The EBRD’s €85 million Green Economy Financing Facility is devoting around €25 million to funding consumer loans and other investments primarily to improve energy efficiency in homes, according to Balkan Green Energy News. Families can apply for a grant of as much as 20 percent of their investment in their properties.
Households consumer around 35 percent of the energy produced in Serbia. The EBRD and Germany’s state-owned KfW development bank funded a similar push for energy efficiencies in government-owned buildings, resulting in energy savings of 40 percent.
“Only a small portion of people in Serbia have implemented energy efficiency measures, making for a massive energy savings potential,” the news website wrote.
Those investments are in addition to the EBRD’s nearly €1 billion in 60 other green projects in the country, a bank press release said. The Facility also helps Serbian officials streamline their energy efficiency in line with EU energy rules.
Green Economy Financing Facility Principal Veronika Špacapan said she hoped the program would demonstrate the power of energy efficiency to ordinary citizens, create a market for green technologies and services and set the stage for more sustainable investing in Serbia and the region.
Image credit: Belgrade, Serbia by danilography via pixabay