In the dynamic landscape of sustainable finance, measurable impact is what separates ambition from achievement. In North Macedonia, the Green Finance Facility (GFF), supported by the UN Joint SDG Fund, is proving that strategic investment can unlock powerful returns for people, planet, and prosperity.
For every one dollar invested by the UN Joint SDG Fund, the GFF has generated an impressive US $12.65 in combined private investment and development benefits. This catalytic effect illustrates how targeted financial innovation can mobilize markets and accelerate the transition to clean energy. The initiative has already leveraged US $5.3 million in private equity through GFF-backed loans, in collaboration with financing from the European Bank for Reconstruction and Development, channeling capital into renewable energy and efficiency projects that are shaping a more sustainable future. Beyond financial mobilization, the GFF has delivered US $2.1 million in quantified environmental and institutional benefits, demonstrating tangible progress in strengthening local systems, reducing emissions, and building long-term resilience.
These results affirm the Fund’s value-for-money approach, where each dollar invested serves as a multiplier for development impact. The GFF model represents more than a financing mechanism; it is an engine for transformation that supports lasting transitions in clean energy and green finance.
Uruguay’s Renewable Energy Innovation Fund (REIF) is fuelling its “second energy transition.” Through partnerships with seven major banks, covering 80 percent of the national financial sector,the Fund has achieved a 1:3 co-financing ratio with private banks, unlocking financing for clean-tech solutions in electromobility, energy storage, and industrial decarbonization.
Beyond its financial results, REIF is helping reshape Uruguay’s banking culture by embedding impact and gender analysis into credit decisions and expanding access to finance for women entrepreneurs in the energy sector.
“REIF is a model that generates success and one we want to see multiplied. It aligns global and national objectives of decarbonization with the objective of private businesses to survive, grow, and be profitable—all while targeting triple impact: environmental, social, and economic,”— Omar Paganini, Minister of Industry, Mining, and Energy, Uruguay.
In Zimbabwe, the Renewable Energy Fund (ZimREF) is catalyzing private sector participation in solar and clean-energy ventures across the country. With US $17 million mobilized, including equal contributions from the UN Joint SDG Fund and Old Mutual, plus government co-financing, the Fund is nurturing a growing pipeline of 50 renewable-energy projects, 17 of which are already under active review.
By combining loans, guarantees, and targeted technical assistance, ZimREF is opening new financing channels for women- and youth-led enterprises, while supporting the government’s broader energy-reform agenda. Early beneficiaries are already demonstrating how blended finance can deliver both energy access and local enterprise growth, lighting up rural communities and powering small industries.
“Now is the time for bold action. Let us seize this moment and become champions of renewable energy within our respective spheres of influence. The future of Zimbabwe’s energy landscape depends on what we do today,” — UN Resident Coordinator in Zimbabwe.
A Proven Model for Scaled Impact
From North Macedonia’s Green Finance Facility (GFF) to Uruguay’s Renewable Energy Innovation Fund (REIF) and Zimbabwe’s Renewable Energy Fund (ZimREF), the Joint SDG Fund is showcasing a powerful model of blended finance that de-risks investment, mobilizes private capital, and accelerates national clean-energy transitions.
Each facility combines concessional loans, guarantees, and technical assistance to build market confidence, expand access for women and youth entrepreneurs, and scale renewable energy solutions. Together, they demonstrate how catalytic financing can turn public funds into engines of sustainable growth—delivering environmental, social, and economic returns that multiply far beyond the initial investment.
In a world where every dollar counts, these models are setting up a new global benchmark for how smart, inclusive finance can turn ambition into achievement and investment into lasting impact.
Note:
All joint programmes of the Joint SDG Fund are led by UN Resident Coordinators and implemented by the agencies, funds and programmes of the United Nations development system. With sincere appreciation for the contributions from the European Union and Governments of Belgium, Denmark, Germany, Ireland, Italy, Luxembourg, Monaco, The Netherlands, Norway, Poland, Portugal, Republic of Korea, Saudi Arabia, Spain, Sweden, Switzerland for a transformative movement towards achieving the SDGs by 2030.
