A green financing initiative has helped to install solar systems for companies based in Jerusalem's Palestinian neighborhoods.
The Jerusalem Green Energy and Sustainability Financing Program, first announced in 2022, has been run by the Palestine Investment Fund (PIF) in partnership with the European Union.
The two entities provided approximately €2.4 million ($2.8 million) to the program, which was implemented by Palestine Development Foundation, PIF’s community arm. An additional €700,000 was injected into the scheme by additional investors.
According to an update from PIF, the program, which was aimed at small- to medium-sized enterprises operating in Jerusalem, helped to deploy 1 MW of solar.
Companies, projects, theatres, hospitals, schools and hotels have benefited from solar installations, helping to reduce electricity consumption by up to 60% to a saving of approximately €250,000, PIF’s statement adds.
EU representative Mario Fanti says the program funded approximately 35 projects in Jerusalem in total as part of the EU’s “ongoing efforts to support the resilience of Jerusalemites and strengthen their presence in their city”.
“Cooperation with the Palestinian Investment Fund has yielded an effective development model that contributes to stimulating the local economy, supporting small projects, and expanding the use of clean energy despite the challenges facing Jerusalem,” Fanti added.
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