The European Bank for Reconstruction and Development is partnering with NLB Banka Prishtina to increase its green investment initiatives in Kosovo. This partnership will allocate up to €10 million to green investments in micro, small, and medium-sized enterprises (MSMEs).

Also read: EBRD and NIB Support Vilnius’ Green Public Transport with €80 Million Co-Investment

Supporting Energy Efficiency and Renewable Energy in Homes

Under GEFF, the EBRD will provide a €5 million senior loan to residents, housing collectives, public sector, and construction companies. This will enable them to invest in energy-efficient and renewable energy solutions. Borrowers can upgrade their homes and buildings using green technologies and innovative solutions.

Homeowners who install certified green technolgies will benefit from incentive payments covering uptp 20% of their loan amount. Additional assistance will be available to help borrowers choose energy-efficient equipment. The European Union (EU) supports this effort through the Western Balkans Investment Framework, with contributions from Japan and Denmark.

Also read: EBRD Partners with Romania to Advance Renewable Energy Auctions

Driving Kosovo’s Green Energy Transition

Sergiy Maslichenko, EBRD Head of Kosovo, said, “We are proud to drive the green energy transition in Kosovo, where it is much needed. With the country’s heavy reliance on coal generation, our green investments play a critical role in reducing greenhouse gas emissions and setting a benchmark for a sustainable future. In collaboration with NLB Banka Prishtina, we aim to expand access to green financing in various sectors, empowering homeowners and MSMEs to embrace renewable energy and energy efficiency.”

The second project, part of the EBRD’s SME Go Green programme, includes another senior loan of up to €5 million. This initiative will help MSMEs invest in energy efficiency, resource efficiency, and renewable energy. The initiative will allocate 30% of the funds to agribusinesses and their value chains and 25% to women-led businesses.

The program offers incentives, providing 15% in agribusiness and 10% for other eligible green economy investments. The program will issue these payments after completing and validating the projects. Through customized capacity-building training, EU-funded technical assistance will further support local firms and NLB Banka Prishtina.

Chevron Corp and Exxon Mobil plan to venture into the electricity business. According to Reuters, both US oil majors are exploring deals to use natural gas and carbon capture to power the technology industry’s AI data centers.

Chevron’s Plans for Low Carbon Electricity

Chevron has reportedly been discussing supplying natural gas fired power to data centers. The oil giant intends to integrate carbon capture technologies to make it happen. Jeff Gustavson, president of Chevron New Energies, pointed out the company’s plans at the Reuters Next conference in New York.

The comments made by Gustavson follow an identical announcement by Exxon Mobil. The announcement revealed that the company was working on providing data centers with low carbon electricity by pairing carbon capture with natural gas fired power plants. The company intends to achieve this by the end of the decade.

Also read: Chevron and CalBio Complete Dairy Biomethane Project in Merced County, California

The oil giant’s approach includes utilizing its capabilities in natural gas, construction, and operations. Chevron thinks it can provide a low-carbon pathway for electricity by integrating carbon capture, utilization, and storage systems. The company is also seeking other solutions to incorporate in its energy transition strategy.

A Growing Market for Sustainable Electricity

Data centers consume a lot of energy. The demand for data centers is surging. With that demand growing, there is a spike in the need for sustainable energy solutions to meet electricity needs. Chevron and Exxon Mobil tap into this demand while reducing carbon emissions.

Expanding Beyond Oil and Gas

Venturing into the electricity market is a massive shift for the operations for both organizations. Both Chevron and Exxon Mobil have traditionally focused on oil and gas production. Now the companies are diversifying and aligning their portfolios by offering cleaner energy solutions.

By entering the electricity market, Chevron and Exxon are aliging with the global shift toward sustainability and clean energy.

The Future Outlook

Both companies are moving to position themselves favorably in the developing energy landscape. With the increasing need for low carbon electricity for data centers, Chevron and Exxon Mobil’s carbon capture and natural gas efforts could create a more sustainable future.