Market Development
Global Energy Efficiency and Renewable Energy Fund (GEEREF)
Global investment in energy efficiency and renewable energy projects in developing countries and economies in transition.
The Global Energy Efficiency and Renewable Energy Fund (GEEREF) is a European Commission project sponsored by the European Commission’s Directorate General for Environment and Directorate General for Europe Aid Co‑operation (AIDCO).
The project was announced by European Commission and EIB at the global climate conference in Bali in December 2007 for an overall investment amount of EUR 150m, EUR 80m of which will be funded by the Community budget. GEEREF is expected to become operational in spring 2008.
As a public-private partnership, GEEREF is destined to invest globally in energy efficiency and renewable energy projects in developing countries and economies in transition and will invest in regionally-oriented investment schemes. GEEREF will be the first compartment of a Luxembourg-based umbrella fund structure (SICAV - SIF).
EIF will act as a trustee for the participation of the European Community and provide advice as well as back office services.