The United Nations Development Programme (UNDP) has a unique financing programme designed by the organization’s key development team. The financing programme is related to Public Calls in the form of challenges for innovation under the auspices of their Green Finance Platform in Serbia, which aim is to support those organizations/ individuals who have innovative solutions for climate change, environmental protection, and green transition of both the economy and society and who need technical and financial support to implement them. From 2017 to January 2024, they supported 103 green initiatives with a total of 6 million dollars in co-financing and attracted $55 million for the implementation of the said initiatives. Co-financing was provided by donors whose support ensured the implementation of green transformation projects, including the European Union, the governments of Sweden, Switzerland, and Japan, as well as the Global Environment Facility (GEF).
In an interview for our magazine, Žarko Petrović, leader of the vital development team of UNDP Serbia, says that the initiatives implemented thanks to the programme contribute to mitigating climate change, decarbonizing the economy and increasing energy production from renewable sources, thus accelerating the transition to a circular economy, reducing waste, improving air quality and biodiversity, establishing sustainable food systems, as well as increasing energy efficiency and ensuring the fairness of the energy transition process in Serbia.
“Initiatives are implemented throughout the country while ensuring that the green transition is taking place evenly. Many of these initiatives have great potential to be further expanded and applied in other places,” says Mr Petrović.
According to him, several co-financed projects have exceeded the originally planned frameworks thanks to the support of UNDP experts, opportunities for networking, and public promotion. One project managed was granted 9 million euros worth of bank loans to advance a new approach to producing electricity from biomass.
IN FOCUS:
- THE POSITION OF THE BIRD’S WINGS IN FLIGHT AS A SOLUTION FOR MORE EFFICIENT USE OF WIND ENERGY
- SMART LIVING ABB-STYLE
- HOW CAN WE HAVE A MORE SUSTAINABLE CONSTRUCTION SECTOR?
Application process
All companies from the private and public sectors, research institutions, civil society organizations, local governments, agricultural holdings and cooperatives can participate in public calls for innovation.
“After evaluating the received applications, the creators of the selected solutions undergo training and receive mentoring support to turn ideas into tangible business plans and feasible green investments. Applicants who complete this process receive co-financing to implement their innovative ideas,” explains Mr Petrović.
Supported investments are expected to contribute to the economy’s green transformation and increase the quality of the environment and life in Serbia. At the same time, they must contribute to a just transition, reducing energy poverty and creating green jobs.
The Programme’s unique points
Our interlocutor adds that the analysis of such an approach to green financing, which was carried out by an independent consultant, showed that the Programme has several unique points that give it a comparative advantage over other similar green financing support programmes in Serbia. The Programme enables innovative projects to be launched at an early development stage, which gives them a chance to attract other investors. This is one of the very few programmes that simultaneously focus on green initiatives and innovation and is one of the few that specifically targets green projects. Last but not least, it is the only programme open to a wide range of participants, including startups, small and medium-sized enterprises (SMEs), large corporations, and companies from both the private and public sectors.
“The Programme ensures that its participants work with mentors in practice and provides concrete guidelines for acquiring the know-how and skills needed to carry out sustainable and financially profitable ventures. Mentors also help project teams interpret laws and obtain the required permits to implement their projects in accordance with the legal framework,” Mr Petrović adds.
Prepared by: Mirjana Vujadinović Tomevski
Read the whole story in the new issue of the Energy portal Magazine SUSTAINABLE ARCHITECTURE AND FINANCING OF GREEN CONSTRUCTION
