Azerbaijan, Baku, May 18 / Trend A.Badalova /
The European Bank of Reconstruction and Development (EBRD) will invest in sustainable energy projects worth up to 25 billion euros over the next three years, EBRD reported on Friday.
The financing will be made within the bank's efforts to improve energy efficiency and deal with the threat of climate change.
According to the report, the next phase of the Bank's successful Sustainable Energy Initiative (SEI) aims to deliver an annual cut in carbon emissions in its countries of operations as large as 32 million tonnes. The Initiative's third stage will build on the substantial achievements of its first six years in financing energy efficiency and renewable energy.
According to the bank's Managing Director for Energy Efficiency and Climate Change Josué Tanaka, the EBRD has established a strong track record in energy efficiency financing with a particular focus on the private sector and on achieving results on the ground in 29 countries.
"This experience is relevant not only to the expanding region of operations of the EBRD to reduce the impact of rising energy prices and to boost the competitiveness of enterprises, but to the scaling-up of financing to address climate change," he said.
According to the report, last year the EBRD financed 111 operations in the field of sustainable energy, which accounted for almost 30 per cent of the bank's total 2011 investments.
Over the new phase of SEI the EBRD aims for a financing target of 4.5 to 6.5 billion euros from its own funds, with a total project value of up to 25 billion euros for the period 2012 to 2014.
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