25 November, 2021
Cedar Oxygen, an impact lending platform for Lebanon, and the United Nations Development Programme(UNDP), have partnered to support the industrial sector, a pillar of the Lebanese economy, that currently has limited access to financing and is facing operational and structural challenges including access to energy. Together, Cedar Oxygen and UNDP will provide financial and technical assistance to industries for the provision of renewable energy resources and energy efficiency solutions that are needed for business continuity and to help Lebanon lower its carbon emissions.
The goal of this partnership is to push forward on the United Nations Sustainable Development Goals (SDGs) in Lebanon and to expand on economic and job opportunities while promoting renewable energy. This partnership also aims to mainstream the concepts of green economic recovery and climate-proofed investments, and to revitalize the drive towards sustainable development in Lebanon.
In this framework, Cedar Oxygen and UNDP will collaborate to:
1) provide financing for renewable energy and energy efficiency within the scope of the EU co-funded CEDRO5 project, a project which specifically targets at least 10 industrial facilities in Lebanon using blended financing, and
2) provide technical assistance and support to SMEs, building on UNDP’s engagement in SME development.
Commenting on the partnership with UNDP, Alexandre Harkous, Managing Partner of Cedar Oxygen said, “We must not forget the importance of expanding renewable energy within Lebanon. Even in the midst of the crisis, we should also keep focused on strategic environment goals. For our part, Cedar Oxygen is proud to be financing this far-sited initiative.”
“Lebanon’s recovery should be green, sustainable and inclusive. The private sector is an important catalyst towards achieving this through job creation, investment financing and economic growth opportunities. We are happy that our partnership with Cedar Oxygen will support Lebanese industries to achieve that, all while working on energy efficiency solutions”, said Celine Moyroud, UNDP Resident Representative in Lebanon.
About Cedar Oxygen
Cedar Oxygen is a Luxembourg domiciled, impact investment finance and technology platform which was established in May 2020 by an experienced team of Lebanese expatriates, and US and EU financial services professionals and investors. Its sole purpose is to help alleviate the crisis in Lebanon by making available needed lending solutions to Lebanese industrialists, both importers & exporters. The group offers debt-based facilities to purchase raw materials, conclude capital expenditure projects, finance renewable energy technologies, and improve their business efficiency.
Cedar Oxygen works in close partnership the Association of Lebanese Industrialists, and is a member of the Global Impact Investing Network (GIIN).
About United Nations Development Programme (UNDP)
UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Working with our broad network of experts and partners in 170 countries, we help nations to build integrated, lasting solutions for people and planet.
The UNDP CEDRO 5 project, co-funded by the European Union, aims for technology transfer through demonstrating and disseminating different renewable energy and energy efficiency solutions in both industrial and commercial sectors in Lebanon. This activity aims to create new vital value chains, employment, as well as improve the environmental footprint of the industrial and commercial sectors in Lebanon. The CEDRO 5 project is offering partial grants for industries to implement the pilot projects, and the remaining amount will be obtained from either the industries’ financials or through applying to the CEDAR Oxygen fund.