EBRD To Invest 3.0-5.0 Bln Euro in Energy Efficiency, Renewables in Eastern Europe in Next Three Years
The European Bank for Reconstruction and Development (EBRD) said on Wednesday it will invest between three billion and five billion euro ($4.1 billion-$6.8 billion) in sustainable energy projects in eastern Europe over the next three years.
“The Bank’s own investments in sustainable energy projects through 2011 of between 3 and 5 billion euro are expected to attract further co-financing of up to 10 billion euro,” EBRD said in a statement.
Reducing energy wastage will help cut costs and increase the competitiveness of the region’s economies as well as reduce dependence on imports, according to the bank.
Over the next three years, the EBRD will target additional types of investment, including energy efficiency in buildings and the transport sector, climate change mitigation in natural resources, stationary use of biomass and investments in climate change adaptation. The EBRD will also develop new products, widening the range of financing instruments supporting sustainable energy investments.
The EBRD said its investments in 24 countries in sustainable energy from May 2006 until the end of 2008 reached 2.7 billion euro, outstripping by 77% the original target of 1.5 billion euro. The total reduction in carbon emissions achieved during this period is estimated at around 21 million tonnes of CO2 annually. Energy savings are estimated at over eight million tonnes of oil equivalent annually.