A significant step in Libya’s sustainable development journey took place in early March, with the launch of an EU initiative to foster renewable energy in Libya.

In partnership with the United Nations Development Programme (UNDP) and the German government through the German Corporation for International Cooperation (GIZ), the initiative is designed to not only foster renewable energy but mitigate climate change in Libya.

The European Union has made a firm commitment to support Libya’s energy transition and climate resilience efforts by allocating funding to both the German Corporation for International Cooperation (GIZ) and the United Nations Development Program.

UNDP Libya Resident Representative a.i., Dr. Christopher Laker, stated, “This pivotal partnership arrives at a critical juncture for Libya, as urgent action is needed to mitigate the extensive impacts of climate change. By bolstering adaptive capacities and fostering green growth and renewable energy transition, this initiative aims to safeguard every facet of Libyan life.”

A high-level roundtable also took place earlier in March for Libyan stakeholders and international lenders, implemented by GIZ and co-funded by the EU.

The workshop saw the launch of a guarantee fund, through prime ministerial decree 830, which had been promised in the Libyan National Strategy for Renewable Energy and Energy Efficiency (NSREEE) in December.

The Renewable Energy Authority of Libya (REAoL) confirmed at the workshop that it had opened a bank account at the Libyan Foreign Bank (LFB) (owned by the CBL), to act as a credit fund for Real Estate foreign investors.

“These latest international and domestic initiatives are very encouraging for Libya’s renewables market. The devastating floods in Derna last year highlighted the increasingly urgent need for climate resilience to be prioritised,” said founding partner at Eltumi Partners, Tarek Eltumi.

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