The World Bank has unveiled a far-reaching $3.86 billion initiative, known as the “Scaling Up Energy Efficiency in Europe and Central Asia Program” (E3 Program).
This ambitious 10-year program aims to transform energy efficiency across the region, with a projected energy savings of over 63 terawatt hours (TWh) – equivalent to Switzerland’s annual electricity production – and a reduction of 18.7 million metric tons of CO2 emissions.
Energy Efficiency as a Cornerstone of Sustainable Development
Antonella Bassani, Vice President for Europe and Central Asia at the World Bank, emphasized the program’s pivotal role in combating climate change and bolstering economic competitiveness.
She highlighted the multiple benefits of energy efficiency, including reduced carbon emissions, lower energy costs, improved air quality, and increased job opportunities.
Mobilizing Finance for Energy Efficiency Projects
The E3 Program will leverage $1.46 billion in World Bank financing, alongside an additional $2.4 billion from public, private, and development sectors, with $1.5 billion coming from private capital.
Initial projects will concentrate on enhancing energy efficiency in public facilities, residential buildings, industrial sectors, and district heating systems across participating countries.
Targeted Investments in Türkiye and Moldova
In Türkiye, the program will dedicate $300 million to renovate central government buildings, while Moldova will receive $54.5 million for the modernization of public buildings and district heating, supplemented by a $5 million grant from the Moldova – Growth, Resilience and Opportunities for Well-being (M-GROW) program.
Overcoming Barriers and Fostering Regional Cooperation
Charles Cormier, World Bank Regional Director for Infrastructure, emphasized the program’s strategic importance in addressing market obstacles and promoting regional collaboration.
He underscored energy efficiency as the most accessible solution to meet energy demands and outlined the program’s focus on strengthening policies, attracting private investments, and establishing a regional network for knowledge exchange.
Alignment with Regional Commitments and Complementary Programs
The E3 Program aligns with pledges made by 18 countries in the region to double their annual energy efficiency improvements by 2030. It complements the Europe and Central Asia Renewable Energy Scale-up (ECARES) Program, together bolstering energy security and driving the transition towards clean energy.
Countries interested in participating in the E3 Program and seeking further information on project details are encouraged to submit letters of intent to the World Bank.