The Green Climate Fund (GCF) is releasing 220 million euros to finance energy efficiency in buildings worldwide. The funded program is expected to benefit at least four African countries.
The Green Climate Fund (GCF) supports energy efficiency in buildings in Africa. The mechanism of the United Nations (UN) validates a financing of 220 million euros for the implementation of the Program for Energy Efficiency in Buildings (PEEB). It is a multilateral initiative that supports the design and construction of sustainable buildings in the world.
The funding recently approved by the GCF Board of Directors is for the implementation of the BEEP Cool in eleven countries, four of which are in Africa, including Morocco, Tunisia, Nigeria and Djibouti. The program implemented by the Global Alliance for Buildings and Construction (GABC) is based on three pillars. Financing local initiatives, project feasibility studies, direct support for energy efficiency projects in construction and renovation of buildings, and mobilization of new financing resources at the national level for energy efficiency.
Technical support
The PEEB also supports the planning of new buildings, i.e. from design to operation. Within this framework, expertise is offered on the selection of sustainable building materials, digital tools, appliances, and the adoption of renewable energy in buildings. Countries selected for implementation of the program will also receive advice on regulations and standards for sustainable buildings.
This component of the BSEP will be funded with €2.5 million by the German Federal Ministry of Economics and Climate Action through the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), the German international development cooperation agency. Ultimately, PEEB Cool should support the construction and renovation of 35,000 buildings.
AFD co-financing
The program should also contribute to the reduction of 1,563 tons of CO2 equivalent. “In addition to reducing greenhouse gas emissions, PEEB Cools aims to increase the resilience of buildings to extreme weather events, but also to economic crises and energy shortages. It is also expected that PEEB Cools will contribute to the creation of about 27,000 jobs, mainly in construction activities,” says the French Development Agency (AFD), one of the project’s main backers.
This public development bank plans to allocate 1.11 billion euros in loans and 4 million euros in grants and technical assistance for energy efficiency projects in buildings. This is a necessity, as the buildings sector is estimated to be responsible for 40% of greenhouse gas (GHG) emissions worldwide.
Jean Marie Takouleu
