 The Bank announced, over the three years, its targeted investment will include energy efficiency in buildings and the transport sector, mitigation of climate change in natural resources , stationary use of biomass and investments in climate change adaptation. |
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The European Bank for Reconstruction and Development (EBRD) has announced it will target investment in sustainable energy projects worth up to US$20.4 billion (€15 billion) in the next three years in clean energy and in reducing energy wastage throughout eastern Europe.
EBRD’s Sustainable Energy Initiative helps crisis-hit economies prepare for green growth and its own investments in sustainable energy projects through 2011 of between US$4 and US$6.8 billion (are expected to trigger further co-financing of up to €10 billion (US$13.6 billion). The Bank targets close to US$20 billion investment in energy efficiency and renewable energy in Eastern Europe.
The Bank recently announced it will provide US$62 million loan to Turkey for construction of the largest wind farm in the country. International Finance Corporation and European Investment Bank will provide US$75 million and US$41 million, respectively.
On completion, the 135-megawatt on-shore independent wind farm will help Turkey promote clean energy, reduce its green house gas (GHG) emissions and reduce its dependency on imported fuel sources.
With an already investment of close to €3 billion (US$4 billion) under its Sustainable Energy Initiative that was launched in May 2006, the Bank’s strategy is to help mitigate the impact of climate change by investing in energy efficiency and low-carbon technologies.
EBRD President Thomas Mirow, said, “Energy efficiency helps increase competitiveness. It is a key part of the transition process.”
The Bank announced it plans to build on the work done so far and target additional specific investment, over the next three years.
Key areas targeted for investment include energy efficiency in buildings and the transport sector, mitigation of climate change in natural resources , stationary use of biomass and investments in climate change adaptation. 1 EUR = 1.36366 USD.
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