GEFF in Georgia attended the Energy Week Black Sea 2021 international investment conference

GEFF in Georgia

2021 saw the second year of one of the largest renewables conferences in the region “Energy Week Black Sea 2021”. This year it brought together government authorities, businesses from Georgia, Romania, Bulgaria, Ukraine and Turkey as well as foreign private investors to discuss RES policies for the energy transition, progress and opportunities in solar energy, green hydrogen, on and offshore wind power, and more.

During the two-day conference, participants discussed the reforms and regulatory frameworks of each country, ongoing RES projects and developments, how countries attract global investors, various financing schemes and energy security issues.

The black sea region has always been well-known for its role in the gas industry; however, it is now making considerable strides to emerge as a potential renewables hub. Pressing issues of climate change and the risks they pose have made energy transition not so much a luxury, but a necessity. All country representatives agree that creating attractive RES investment opportunities is an important step in this transition. The government of Romania aims to have a national hydrogen strategy, and already includes the development of hydrogen in its National Energy and Climate Plan. Ukraine is also supporting the EU in the fight against climate change by setting up an ambitious plan to reduce its emissions by 65% by 2030.

Despite not being a member, Georgia is actively aligning itself to the EU’s policies and principles. Having enacted new laws on energy efficiency and working towards establishing a new energy market, Georgia hopes to become an important link in the region’s economic transition chain. Already having a potential of more than 2,000 MW in hydro, Georgia is now looking to tap into its potential in solar and wind energy generation. By 2030, Georgia hopes to be generating around 500 MW in solar and 1,330 MW in wind energy. Fortunately, sometimes businesses are ahead of legislation and regulations, and there are several large-scale projects under development involving both of these renewable energy sources.

GEFF in Georgia joined the investment conference as an important link in developing the RES potential of the country. The facility in Georgia has already financed several solar projects in various sectors of industry, including retail, agriculture and production. Contributing to the adoption of innovative technologies, the GEFF has also expanded its selection of eligible solar technologies in the country, by adding new green vendors and suppliers to its Green Technology Selector. Working with local partner financial institutions, GEFF in Georgia will further expand its financing and support in the fields of renewable energy, as well as energy and resource efficiency.