Green Economy Transition in Eastern Europe, the Caucasus and Central Asia:A focus on finance for green growth in EECCA

This chapter highlights key challenges and progress made to better use, redirect and mobilise further public and private financing to support environmentally sustainable and socially inclusive development in Eastern Europe, the Caucasus and Central Asia (EECCA) countries. It discusses how energy and fossil-fuel subsidies can be reformed to support green growth and address social implications of subsidy reforms in the region. It also highlights approaches to make public financial management more supportive of a green economy transition, including the use of environmental funds. Finally, it discusses recent developments in some EECCA countries on making domestic financial systems consistent with the Paris Agreement and the Sustainable Development Goals.