10 Billion EBRD Funding for Energy Efficiency and Renewables

THE European Bank for Reconstruction and Development (EBRD) announced this week that since 2006 they have invested €10 billion (over $13 billion) in energy efficiency and sustainable energy.

The Bank’s Sustainable Energy Initiative (SEI) was set up in 2006 and has funded 552 energy efficiency and sustainable energy programs and schemes - from actual projects such as an insulation of a Slovakian nursery through to lines of credit in many countries for energy efficiency efforts.

Sir Suma Chakrabarti, the EBRD President stated: “The energy intensity of economies in the region of EBRD operations remains very high, despite some progress. Sustainable energy has grown into a major activity of the EBRD accounting for a third of EBRD investments in 2011.

“From Turkey to Russia, from Mongolia to Slovakia we are working with industries, utilities, municipalities and households to enhance their energy efficiency. The EBRD has proven over the years that energy efficiency makes good business sense.”

Added to the above comment Josué Tanaka, EBRD’s Managing Director for Energy Efficiency and Climate Change said: “With this financial milestone of €10 billion of EBRD sustainable energy financing, we demonstrate that even in a difficult context there is a strong opportunity to assist small and large corporates in reducing their costs and enhancing their competitiveness.

“Beyond business, these investments bring significant environmental benefits with SEI projects to date expected to reduce annual carbon dioxide emissions by 50 million tonnes, which is equivalent to the emissions of Sweden.

“A modern economy is an economy moving on a low-carbon path, so businesses should look ahead and invest in the most efficient solutions. Go beyond the legal and regulatory requirements of today to be more competitive tomorrow.”

EBRD is set to fund between €5 to €6 billion on energy efficiency and renewable energy between 2012 to 2014. 

Picture from EBRD of Wind Farm in Turkey.

Friday 9th November 2012

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