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Energy efficiency is high on donors' agenda |
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Climate change and energy efficiency projects are high on the agenda of donors working with the EBRD, according to representatives of donor countries who met today in the Russian city of Kazan, Tatarstan Republic, in advance of the Bank’s Annual Meeting which starts tomorrow. “Climate change and energy efficiency issues are very important for the UK,” said Pauline Hayes, Director of the UK government’s Department for Europe and Central Asia. “We support the way the EBRD has taken the lead on these issues and would encourage the Bank to develop more projects with energy efficiency angle as well as help increase policy dialogue across the region on this vitally important issue.” The EBRD and donors launched the Sustainable Energy Initiative (SEI) in May 2006. The aim is to invest up to €1.5 billion in energy efficiency, renewable and clean energy projects over three years. Austria, Canada, the European Union, France, Japan, Italy, Luxembourg, the Netherlands, Norway, Spain, Sweden, Switzerland, Taipei China and the United Kingdom have pledged over €21 million for sustainable energy projects. “The growth of the region is driving energy demand, but at the same time there are many inefficient practices that result in needless energy waste,” said the EBRD’s President Jean Lemierre, who opened the meeting. “EBRD’s Sustainable Energy Initiative is a new partnership with donors to cut back on wasteful and polluting energy use in our region. Our partnership includes the G8 group of industrialised countries, the European Union, international financial institutions and our countries of operations.” “The EBRD’s Sustainable Energy Initiative has a very good structure to address the energy efficiency issue in the region,” said Alain de Cointet, representative of the French government. With climate change becoming a growing concern globally, energy efficiency and energy security issues have become increasingly important to the 410 million people living in 29 countries where the EBRD invests. “One year since its establishment and the Sustainable Energy Initiative counts €750 million of commitments and 51 projects under its belt,” said Josue Tanaka, EBRD’s Corporate Director foe Energy Efficiency and Climate Change. “We have set an ambitious target for 2007 - to engage other partners on a policy dialogue about sustainable energy.” Later in the day, EBRD Environmental Department Director Alistair Clark reported that gender issues are being mainstreamed in the Bank. “Gender will be part of the revised environment and social policy,” said Mr Clark. He said the Bank took the position that addressing gender in its activities was not a case of positive discrimination but rather one of identifying opportunities to finance an underserved, yet potentially profitable clientele – women. “It’s abundantly clear to us that the gender issue is alive and well in the minds of many,” said Kathy Mains, representing Canada at the meeting. Mainstreaming gender throughout Bank activities “is the most important thing” said Sven Hegelund, Sweden’s Director on the EBRD Board. The meeting dealt at length with results – and ongoing need for donor funding – in the Early Transition Countries (ETC) Initiative. It was created in 2004 to boost investment, with the help of donors, in the poorest countries of the EBRD’s region of operations. George Krivicky, ETCI Director, reported that the initiative had outstripped its aim of tripling the number of bank lending and other financial operations signed in the ETCs annually and, within three years, increasing the annual commitment volume by 50 per cent within three years. Mr Krivicky reported that the Bank quadrupled the number of operations signed annually, reaching 80 in 2006, with another 13 signed in the first quarter of 2007. Business volume increased by about 450 per cent since the initiative’s inception, from €53 million in 2003 to €290 million in 2006. Much of this has been achieved thanks to related donor funding to address institutional and other blockages to increased investment. The three-year-old ETC Multi-Donor Fund has become a core instrument in the Bank's ability to deliver projects in the region and replenishments to it are crucial, said Junko Aya of the EBRD’s Official Co-financing Unit. During the meeting, Spain’s representative pledged another €1 million while Norway pledged €500,000, and other donor representatives indicated their governments were also considering increased funding.
By Marjola Xhunga, EBRD Communications Adviser
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