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Europe Invests $13B in Renewables

November 26, 2012
LONDON — The European Bank for Reconstruction and Development (EBRD) announced that since 2006 it has invested €10 billion (over $13 billion) in energy efficiency and sustainable energy. The bank’s Sustainable Energy Initiative (SEI) was set up in 2006 and has funded 552 energy efficiency and sustainable energy programs and schemes — from actual projects such as an insulation of a Slovakian nursery to lines of credit in many countries for energy efficiency efforts. Sir Suma Chakrabarti, the EBRD president, said, “The energy intensity of economies in the region of EBRD operations remains very high, despite some progress. Sustainable energy has grown into a major activity of the EBRD accounting for a third of EBRD investments in 2011.

“From Turkey to Russia, from Mongolia to Slovakia we are working with industries, utilities, municipalities and households to enhance their energy efficiency. The EBRD has proven over the years that energy efficiency makes good business sense.”

Josué Tanaka, managing director for energy efficiency and climate change, EBRD, said: “With this financial milestone of €10 billion of EBRD sustainable energy financing, we demonstrate that even in a difficult context there is a strong opportunity to assist small and large corporations in reducing their costs and enhancing their competitiveness.” EBRD is set to fund between €5 to €6 billion on energy efficiency and renewable energy between 2012 to 2014.

Publication date: 11/26/2012

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