The EBRD's experience in delivering low-carbon and climate-resilient innovation is bearing fruit with countries in other regions and our sister Multilateral Development Banks taking note of the results of our partnerships with the Climate Investment Funds (CIF).
That experience was one of the major talking points at the recent
Immediately afterwards, the CIF Trust Fund Committees and Sub-Committees took several decisions that bode well for sustainable energy development in the EBRD region.
An Armenia Scaling Up Renewable Energy (SREP) investment plan was endorsed for
Endorsement was also given to revisions to the
Simten Ozturk, Manager, Project & Acquisition Finance of
"The technical assistance component of the financing package was very valuable, particularly facilitating the transfer of know-how regarding environmental and social (E&S) risks and mitigation processes to the borrowers and the investors," said Ms Oztuk.
"Prior to this project we were having difficulties in implementing a certain standard of E&S as a pioneer in this area amongst Turkish banks. The increased awareness in terms of E&S matters made a significant contribution, which we see as a competitive advantage for
Given the very early stage of renewable energy development in
"Lenders and regulators now better understand the risks and opportunities of renewable energy projects" he said. "Climate finance helped us take the risk of being an early mover - we now have a portfolio of solar projects in
The EBRD's Adonai Herrera-Martinez, Principal Manager of the Energy Efficiency and Climate Change Team in
"It was encouraging to hear our clients provide positive endorsement for the EBRD's sustainable energy support and how it has impacted their approach to business" said
Through the Sustainable Energy Initiative (SEI), EBRD has been an active partner in the CIF ever since its establishment in 2008. The CIF supports middle income and developing countries' efforts to mitigate and manage the challenges of climate change by providing grants, concessional loans and risk mitigation instruments and leverages further financing from the private sector, the Multilateral Development Banks (MDBs), and other sources.
The partnership between EBRD and the CIF has enabled the Bank to scale-up its core energy efficiency and renewable energy activities and kick-start sustainable energy projects in emerging economies where more targeted efforts are required.
It has helped the EBRD develop innovative new products in the area of climate change mitigation and adaptation, and provide blended loan packages and technical support that address affordability and regulatory reform challenges.
The EBRD model has been particularly successful at combining these funds with technical assistance from the CIF and other donors, such as the Global Environment Facility (GEF) or the EU, to undertake policy dialogue, regulatory reform, technology transfer, and project preparation and development support.
TNS 30FurigayJane-140715-4796506 30FurigayJane
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