Over the past seven years, more than 18,000 households in the Western Balkans have embraced energy-saving measures, collectively investing over €100 million. This significant achievement is attributed to the Western Balkans Green Economy Financing Facility (GEFF) programme, launched in 2017, which has empowered households to adopt measures such as insulation, heat pumps, new windows, and solar panels.
To commemorate the success of the GEFF programme, a regional conference titled “Greening the Western Balkans” was convened in Sarajevo, Bosnia and Herzegovina, on May 29. Attended by nearly 200 stakeholders from the six Western Balkans countries, including representatives of partner financial institutions (PFIs), regulators, and donor communities, the conference celebrated the remarkable accomplishments of the programme.
Representatives from the European Bank for Reconstruction and Development (EBRD) highlighted the environmental impact of the initiative, noting a reduction of over 25,000 tonnes of CO2 emissions annually and energy savings totaling 70,000 MWh. The event featured insightful panel discussions and the exchange of success stories, aimed at catalyzing further strides towards a green economy in the region.
Srđan Amidžić, Bosnia and Herzegovina’s Minister for Finance and the Treasury, inaugurated the conference, underscoring the pivotal role of the Western Balkans GEFF in supporting decarbonization efforts and advancing the green agenda in the region. He called upon banks to engage in cost-effective financing projects that promote green technology, energy efficiency, and climate change mitigation.
Following the programme’s successful implementation, the financing capacity of the Western Balkans GEFF has been bolstered to €415 million, with plans for further expansion. This increased funding will be channeled through local PFIs, extending the opportunity for more households in the region to enhance the energy efficiency of their homes.
Aleksandra Vukosavljević, the EBRD’s Director of Financial Institutions for the Western Balkans and Eastern Europe, commended the programme’s contribution to the region’s transition to a green economy. She affirmed the EBRD’s commitment to combatting air pollution and reducing energy intensity, with the GEFF serving as a cornerstone for improving energy efficiency in the residential sector.
The conference also recognized the outstanding contributions of individual PFIs, with Erste Bank Serbia receiving the EBRD’s Gold Sustainability Award for 2024 in the Environmental and Social Innovation Category. This accolade acknowledged Erste Bank’s pioneering efforts in financing housing associations, marking a significant milestone in the Western Balkans market.
The event concluded with lively panel discussions on the financial sector’s role in driving the green transition, policy reforms to accelerate investment, and strategies to maximize the impact of the Western Balkans GEFF. With support from donors and investment incentives, the programme continues to pave the way for sustainable development in the region, promoting energy efficiency and environmental sustainability.
 programme has empowered over 18,000 households to invest in energy-saving measures, reducing CO2 emissions and driving the region towards a sustainable future. Learn about the programme's impact, expansion plans, and recognition of outstanding contributions at the regional conference in Sarajevo, Bosnia and Herzegovina.){kind=link}