"It is estimated that the EBRD region uses up to seven times more energy per unit of GDP than western Europe and if the whole region had the energy efficiency of Europe, the world would consume 7.2% less energy," said a release issued by the EBRD.
The European Bank for Reconstruction and Development (EBRD) on May 22 launched a 1.5 billion euro Sustainable Energy Initiative to invest in clean energy programs and promote sustainable energy in its region. Over the next three years investments will be made in energy efficiency, renewables and clean energy projects with the price tag possibly hitting 5 billion euros.
The initiative reflects the priority of the G-8, the European Union and many countries of operations to address the issue of energy waste, energy security, climate change, and the need for cleaner sources of energy according to the EBRD.
Energy efficiency investments in industrial projects, which are readily cost-recoverable with a clear business case, will be scaled up said the EBRD. Other measures to be taken include expanding credit lines to SMEs, developing cleaner energy supplies through natural resources projects, reducing carbon emission of district heating and urban transport and supporting the development of the carbon market.