On behalf of my fellow Directors, I am very pleased to present to you this redesigned Annual Impact Report. In keeping with the GGF’s green mission, we have focused the print version of this report on a few key messages about how the fund creates impact and created a web version with greatly enhanced content.
2017 marked a number of milestones in achieving the mission set by the fund’s initiators and investors. The year saw the fund finance its 25,000th sub-loan, with investments, and hence impact, in 17 of its 19 countries of operation. These investments reduced energy consumption equal to that of more than 200,000 Egyptian households. You can meet some of the individuals benefiting from these investments in our client impact videos online. The GGF also surpassed EUR 100 million in private capital – over 20 % of its funding – proving that a properly-structured vehicle can attract investment for green finance to challenging emerging markets.
We thank you for your interest in the GGF, and hope that you will visit the online Annual Impact Report to learn more about the fund’s work.
We would like to join the board in thanking you for your interest in the fund. We would also like to recognize the work of the board in implementing the vision of the shareholders – without their clear guidance and direction, the GGF would not be the leading regional channel of green finance that it is today. The continued support of our expanding base of investors, with commitments nearing EUR 500 million, is critical to the fund’s continued success.
Through its market-based approach supported by best-in-class technical assistance, the fund has cumulatively invested over half a billion euros with 59 partners in 17 markets and ended 2017 with a committed portfolio of over EUR 450 million. These investments in turn annually save 1.9 million megawatt hours of energy and reduced CO2 emissions by 495,551 metric tons. Going forward, the fund will also report on other key measures of impact, such as water saved and waste reduced, to more fully reflect the benefits catalyzed by the fund.
We are happy to report that we achieved in 2017 everything we set out to do, while continuously renewing the GGF and setting the bar everhigher. Thank you again for your attention.