Azerbaijan, Baku / corr. Trend I.Khalilova / The EBRD unveiled a major Sustainable Energy Initiative last year under which the Bank will aim to invest at least €500 million per year between 2006 and 2008 in sustainable energy projects, with the bulk going to improving energy efficiency. In 2006, the Bank invested close to €750 million in projects that are helping energy utilities, companies and households to become more energy efficient, a key goal in a region where in many countries energy costs are rising and the wastage of energy remains endemic.
In support of its work to promote energy efficiency in its countries of operations, the EBRD has to date provided €155 million to local banks in Bulgaria to help entrepreneurs and households improve energy efficiency and renewable energy. To date nearly 70 corporate projects and over 6,000 residential projects have been approved, and following this success a similar initiative is now being rolled out in Ukraine. The Bank aims to do the same in Croatia, Georgia, Romania, Russia and Slovakia.
This initiative also included the creation of the €165 million Multilateral Carbon Credit Fund, set up in December 2006 in partnership with the EIB to cut carbon emissions in the countries in which the Bank operates by financing carbon emission reduction projects and generating carbon credits for MCCF members, including governments and private businesses. On March 13/14 the EBRD will host a conference bringing together the heads of Multilateral Development Banks, high-ranking government officials and senior corporate executives who will discuss concrete initiatives to combat climate change in a partnership between the public and private sectors.