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Mobilising Finance for Climate Action in Georgia

image of Mobilising Finance for Climate Action in Georgia

This report discusses key issues surrounding finance mobilisation for achieving Georgia’s climate change and green growth targets, and new investment opportunities for developing its capital market. The report focuses particularly on finance for climate change mitigation from various sources – private and public, national and international – but remains relevant for other issues around the country’s green growth agenda, such as energy productivity, air pollution prevention, climate change adaptation, better waste management, conservation of natural resources, and the technologies and innovations that help tackle these issues.

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Executive summary

Georgia has undertaken a wide range of economic reforms, significantly improving economic and social indicators. However, its environmental performance has lagged. In response, the government of Georgia and Georgian municipalities, often in collaboration with development co-operation partners, have been actively developing policy for climate action and green growth. Policy documents include the nationally determined contribution (NDC), Low Emission Development Strategy (LEDS), National Energy Efficiency Action Plan (NEEAP) and Nationally Appropriate Mitigation Actions (NAMAs). Eleven Georgian municipalities have submitted their own Sustainable Energy Action Plans (SEAPs) under the “Covenant of Mayors” initiative. The government of Georgia has also started developing a Green Economy Strategy, a National Renewable Energy Action Plan and a Climate Action Plan as an implementation strategy for the NDC.

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