NDF - Financing for climate change and development projects

Nordic Development Fund co-financed programme wins UN climate award

Photo: EcoMicro
The EcoMicro program targets microfinance institutions working with SMEs
25.11.2014

EcoMicro is a technical cooperation program designed for Latin American and Caribbean microfinance institutions.

EcoMicro, the USD 7 million programme, co-financed by the Inter-American Development Bank's Multilateral Environmental Facility (MIF) and the Nordic Development Fund (NDF) has been selected as a winner of the UNFCCC Momentum for Change - Lighthouse Activity Award 2014.

EcoMicro is a programme that answers to demand of many Latin American and Carribbean micro, small, and medium-sized enterprises to get access to funding for clean energy or energy-efficient technologies that could reduce energy costs and improve competitiveness. In addition, the programme seeks to bridge the gap of smallholder farmers' access to finance for adaptation activities.

The introduction of green microfinance in Latin America is a ground-breaking innovation because it enables these enterprises to access climate finance for the first time. Thanks to EcoMicro, the region's microfinance institutions (MFI's) will have the appropriate tools and know-how to develop and offer sustainable financial products to address climate change.

"We at NDF are very honoured and pleased that a NDF co-funded programme has received this prestigious recognition", commented Pasi Hellman, Managing Director of NDF. "To us this confirms that also a relatively small organization like NDF can make a difference, demonstrate its value-adding role and capability to innovate in the area of climate finance, where several billions of Euros internationally are expected to flow into projects in the next years."

Momentum for Change is an initiative spearheaded by the UN Climate Change secretariat to recognise and highlight activities across the globe that are moving the world toward a highly resilient, low-carbon future. Momentum for Change recognises innovative and transformative solutions that address both climate change and wider economic, social and environmental challenges.

The UNFCCC Press Release can be found below.