5th European Microfinance Award: Microfinance and the Environment

These reports describe the proceedings from the 5th European Microfinance Award function organized by the European Microfinance Platform in November 2014. The European Microfinance Award was launched in October 2005 to support innovative thinking in the microfinance sector. The 5th edition aimed to recognize sustainable MFIs with a sound financial and social performance that aspired to internalize environmental considerations in their business. Twenty six eligible applications were received from 19 countries and were rigorously evaluated. The finalists included three organizations that explored opportunities for using microfinance to increase access to green energy and to promote ecosystems protection, biodiversity conservation, and adaptation to climate change. The finalists were:

• Kompanion Financial Group, Kyrgyzstan: It won the 5th European microfinance Award for a Pasture Land Management Training Initiative that provided a specialized “Credit for Conservation” loan for sustainable land management practices and restoring previously degraded lands;
• ESAF Microfinance and Investments Limited, India: It was chosen for its Clean Energy for the Poor Initiative that provided rural clients with solar energy solutions, efficient cook stoves, and water filters;
• XACBANK LLC, Mongolia: It was chosen for its Eco Product program that facilitated the purchase of over 150,000 energy efficient heating and insulation products in Ulaanbaatar.