The Minister of Environment and Physical Planning, Kaja Shukova, within the framework of COP28, participated in the high-level panel discussion focused on the experiences of four UN member states, North Macedonia, Madagascar, Uruguay and Zimbabwe, on the use of funds from the UN Joint SDG Fund, with the help of which programs aimed at sustainable development and are implemented in these countries.
In her speech, Minister Shukova referred to the Green Financing Facility (GFF), which is implemented with financial support from the UN Joint SDG Fund.
- The Green Financing Facility contributes to accelerating our country’s progress on a number of Sustainable Development Goals, particularly the Green Goals, affordable and clean energy, sustainable cities and climate action, as well as the goals of reduced inequality, gender equality and partnerships. The 46 million dollars secured through this Fund will not cover all the enormous financial needs for an accelerated green transition of our country. But for us it represents an important model of financing mechanism as it provides a viable alternative to stimulate subsidization, showing how by partnering with the UN family, the country’s banking sector and regional Microfinance Institutions (MFIs), we can increase our reach and impact – pointed out Shukova, emphasizing the state’s commitment to the green transition and especially the accelerated establishment of renewable energy sources and increased energy efficiency.
The Green Finance Facility provides increased access to funds for investments in renewable energy sources and in energy efficiency among small and medium-sized enterprises and households. It will contribute to the reduction of greenhouse gas emissions and air pollution.
In the session, panelists included senior officials from Madagascar, Uruguay and Zimbabwe, as well as government officials, representatives from the donor community, representatives from the private and financial sectors, and investors.