The European Bank for Reconstruction and Development (EBRD) plans to leverage investments up to 15 billion euros (US$20.8 billion) in energy efficiency and renewable energy projects over the next three years.
The first stage of EBRD’s Sustainable Energy Initiative was launched in May 2006 in response to the rising challenge of climate change. Since then it has sharply increased investments in energy efficiency and renewables to a total of about 3 billion euros (US$4 billion). (HydroWorld 10/12/07)
EBRD said its own investments in sustainable energy projects of between 3 billion and 5 billion euros (US$4 billion and US$7 billion) through 2011 are expected to attract further co-financing of up to 10 billion euros (US$13.9 billion).
The bank’s strategy to help mitigate the effects of climate change is to attack widespread waste of energy with energy efficiency projects and to foster investments in sustainable renewable energy sources.
Previous EBRD investments in renewable energy have included a major syndicated loan to a hydropower complex in Russia and renewable energy investments in Armenia and Bulgaria.