More Financial Help for Energy Efficiency Improvements

70 financing institutions have pledged to increase energy efficiency investment and develop business strategies that save energy and reduce carbon emissions.

The 70 institutions range from regional and microfinance institutions to national and global banks from over 20 countries have vowed to step up this specific financing.

They made their pledge at a two-day Istanbul conference, “Building a Global Energy Efficiency Financing Alliance”, held in the run up to the G20 summit and COP21 climate talks in Paris in December.

The event was designed specifically to engage the financial industry in energy efficiency opportunities. Participating institutions have also endorsed a declaration pledging to further engage in financing energy efficiency. 

Opening the conference, Josué Tanaka, Managing Director for Energy Efficiency and Climate Change at the EBRD, said: “Investing in energy efficiency makes economic sense and the current financing gap represents a huge business opportunity.

“The financial sector is uniquely placed to channel finance to energy-saving opportunities and address the current investment gap. Our aim is to make sure the financial community can tap into this potential by forging links with the most up-to-date expertise and technology.”

Energy efficiency has been recognised as one of the most economically effective means of combatting climate change. According to scenarios from the International Energy Agency, more than 40 per cent of the greenhouse gas emission reductions required to limit increases in the global average temperature within two degrees Celsius by the end of the century will have to come from increases in energy efficiency.

At the same time, according to the Global Tracking Framework, the financing needed to achieve the efficiency objectives already pledged by major economies around the world account to some $560 billion. Energy efficiency investment needs to increase four-fold from current levels.

Picutre of "Passivhaus thermogram gedaemmt ungedaemmt" by Passivhaus Institut -reproduced under CCL.

Monday 21st September 2015

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