Transcript

EBRD Sustainable Energy Forum, London, 16 November 2006

VAREL FREEMAN, EBRD FIRST VICE-PRESIDENT: Welcome to the Sustainable Energy Forum, in which we will discuss in depth the EBRD Sustainable Energy Initiative, the ways in which EBRD has incorporated sustainability into our investment activities, and ways to further accelerate the pace of change in our area of operations.

EBRD started its first energy efficiency activities over 10 years ago. The waste of energy in the centrally planned economies was obvious, but in an era of low energy prices, a feeling of abundant availability, and ignorance of the effects of greenhouse gases, there has been little pressure for change.  Rising prices, scarcity – or at least the awareness that energy supplies may be used as a tool for coercive diplomacy – and rising social awareness have recently combined to bring energy efficiency to the forefront of public policy.

The common view of what constitutes rational use of energy has changed dramatically in recent years.

Economic competitiveness and energy security are now forces working together to promote changes in public policy and changes in consumer behaviour in favour of efficient use of energy and development of alternative energy sources.

In short – the overall transition objectives that are the reason for EBRD’s existence have now converged with energy transition imperatives. EBRD is positioned to promote energy efficiency by capitalising on our experience from early engagement, our broad relation ships with the private sector, our credibility as a successful promoter of transition, and greater public awareness of the issues and opportunities.

In response, we have put energy efficiency as a mainstream activity of our banking units. It is core to what we do as a bank. We have kept a small energy efficiency and climate change team as a centre of excellence that supports all of our banking activity. E2C2* is embedded in the investment activities of the Bank; it is a central part of our transition activity, not an afterthought.

We have decided to fund certain technical cooperation activities from the Bank’s own resources in order to accelerate the pace of our engagement in this important activity. As head of Banking, I chair an internal board that ensures our banking teams remain engaged in this work and maintain their focus on effective delivery of solutions.

We want to do more, and we believe we can productively engage in broader activities with your collaboration and support. We are here today to show you what we are doing, how we do it, and where we believe energy efficiency and climate change investment can take us.

I will now turn the floor to Josue Tanaka, EBRD’s Corporate Director of Energy Efficiency and Climate Change. But first let me thank you for your participation today in a process that I believe can accelerate the progress toward sustainability in EBRD’s member nations.

*E2C2 stands for energy efficiency/climate change and is shorthand for the emphasis, in the EBRD’s Sustainable Energy Initiative, on improving energy efficiency as a means of reining in climate change.