Achieving the Sustainable Development Goals (SDGs) demands financing approaches that effectively align public and private capital, mitigate early-stage investment risks, and open pathways to emerging high-impact markets. The Joint SDG Fund has been instrumental in developing and supporting innovative blended finance models customized to national development priorities in Uruguay, North Macedonia, and Zimbabwe. These models are now being scaled and refined to generate more extensive and sustainable results.
In Uruguay, the Renewable Energy Innovation Fund (REIF) is driving a second wave of the country’s energy transition by extending renewable solutions to industrial and transport sectors. The initiative is also expanding its reach into neighboring countries such as Paraguay, Chile, and Argentina, while exploring new sectors including water management and green construction.
North Macedonia’s Green Financing Facility (GFF) is advancing access to renewable energy and energy-efficient technologies for households and small and medium-sized enterprises (SMEs). With the backing of the European Bank for Reconstruction and Development (EBRD), the facility demonstrates strong potential for replication in other countries, strengthening regional energy transition efforts.
In Zimbabwe, the Renewable Energy Fund (REF), managed by Old Mutual, is unlocking institutional capital to finance sustainable energy projects. Recognized as a prescribed asset, the fund has the capacity to mobilize up to 20% of domestic institutional capital, signaling a major step toward integrating green finance into the country’s investment landscape.
The session featured keynote remarks from H.E. Dr. Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development, and International Cooperation, and was moderated by Mr. Alain Noudéhou, Executive Director of the UN Multi-Partner Trust Fund Office (MPTFO). Panelists included H.E. Ms. Evelyn Ndlovu, Minister of Environment, Climate and Wildlife of Zimbabwe; Ms. María Gracia Delgado, Deputy Director of the Uruguayan Agency for International Cooperation; and Ms. Jodi-Ann Wang from the London School of Economics and Oxford University, representing the UNECE Sustainable Energy Division. Together, they discussed the evolving role of blended finance in scaling impact, promoting sustainable growth, and accelerating progress toward the SDGs.
