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EBRD launches new sustainable energy initiative
EBRD to scale up investment in energy efficiency, renewables and clean technologies
The EBRD has launched an initiative to address the wasteful and polluting use
of energy, a legacy of centrally planned economies that causes environmental
and economic damage and contributes disproportionately to climate change. The
initiative will include substantial additional investment, as well as
promotion of sustainable energy to be funded by donors.
Under the new Sustainable Energy Initiative, the EBRD will invest up to €1.5
billion in energy efficiency, renewables and clean energy projects over the
next three years, which could lead to up to €5 billion of total investment.
Energy efficiency investments in industrial projects, which are readily
cost-recoverable with a clear business case, will be scaled up. The initiative
will also support development of the business case for renewable technologies
in the region.
The initiative aims to mobilise an added €100 million of funding from donor
governments to help increase awareness of the returns on investment from
energy efficiency measures and to help the Bank to make the business case for
cleaner energy technologies, including renewable energy, fuel switching and
clean coal technologies. It will aim to reduce barriers to investment through
policy dialogue, information, energy audits and feasibility studies.
The initiative reflects the priority of the G-8, the European Union and many
countries of operations to address the issue of energy waste, energy security,
climate change, and the need for cleaner sources of energy.
The initiative will be formally launched at the EBRD’s Board of Governors
Annual Meeting on 22 May and also outlined to Donor countries in London on 20
May.
The EBRD region is one of the fastest-growing parts of the world, and has a
growing appetite for energy. Oil-rich or import-dependent, all the countries
could improve their economy as well as preserve resources by using energy more
efficiently and building the potential for use of non-fossil fuels.
It is estimated that the EBRD region uses up to seven times more energy per
unit of GDP than western Europe and if the whole region had the energy
efficiency of Europe, the world would consume 7.2 percent less energy.
The Sustainable Energy Initiative will focus on energy efficiency and the
reduction of carbon intensity, by:
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accelerating the pace of energy efficiency direct investment by large
industrial energy users in the region thereby helping to reduce carbon
emissions;
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expanding energy efficiency credit lines to SMEs and small renewable energy
projects;
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supporting the development of cleaner energy supplies in power and natural
resources projects;
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supporting the development and financing of renewable energy projects;
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investing in projects to increase the energy efficiency and reduce the carbon
emissions of district heating and urban transport; and
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supporting the development of the carbon market in the countries of operations
The EBRD already has a track record in working for energy efficiency and
protection of the environment:
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It has invested close to €680 million in 2001-2005 in projects with energy
efficiency components
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It has invested a further €406 million in the same period in power projects
with reduced carbon emissions
To learn more about the EBRD’s sustainable energy initiative please go to the Energy
efficiency area.
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