CEB welcomes Czech Republic’s donation to help implement climate-resilient social development
16 September 2021
Established in March last year, the Fund aims to help CEB member countries accelerate their transition towards low-carbon and climate-resilient development. The CEB seeded the GSIF with € 5 million to achieve two main objectives: scale up the de-carbonisation and climate proofing of social infrastructure, and make climate action measures more socially affordable and accessible to vulnerable groups.
CEB Governor Rolf Wenzel said: “I thank the Czech government for this contribution, which will help the CEB to continue implementing projects with a positive social and environmental impact. The agreement signed today affirms the Czech Republic’s commitment to increasing cooperation and driving progress towards the achievement of the 2030 Agenda for Sustainable Development and the Paris Agreement.”
Last year, when grant activities were impacted by the COVID-19 pandemic, the Czech Republic emerged as the Bank’s second largest individual fund donor, with contributions to the Regional Housing Programme (RHP) and the Migrant and Refugee Fund (MRF).
"Our contribution to GSIF, which is intended both to offset the negative consequences of climate change and to stimulate the economic recovery in the context of COVID-19, fits perfectly into the Czech government's project ‘Country for the Future’," explained Petr Válek, Ambassador of the Czech Republic to the Council of Europe.
Financing projects focused on climate mitigation and adaptation measures is not new for the CEB. Prior to setting up the GSIF, the Bank had already developed a rich portfolio of projects supporting energy efficiency, clean mobility, renewable energy, flood protection, and water management across Europe.
Green Social Investment Fund (GSIF)
In order to receive grants from the GSIF, projects must demonstrate a tangible contribution to offsetting the negative consequences of climate change as assessed by the CEB, and they must be aligned with the commitments undertaken under the 2030 Agenda for Sustainable Development and the Paris Agreement. Resources from the GSIF may be used as technical assistance or investment grants in CEB member states, with priority given to its target group countries in Central, Eastern and South-Eastern Europe. Grant contributions and requests for GSIF support are accepted on a rolling basis. Detailed information is available here.
The Czech Republic joined the CEB in February 1999. In addition to receiving loans from the Bank, it contributed to the Regional Housing Programme and the Migrant and Refugee Fund. Its latest contribution is the first bilateral donation to the Green Social Investment Fund (GSIF). More information can be found here.
Set up in 1956, the CEB (Council of Europe Development Bank) has 42 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AAA with Standard & Poor's, outlook stable, AA+ with Fitch Ratings, outlook positive and AAA* with Scope Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.