Earth Science News  





. EBRD launches 1.5-billion-euro initiative to cut energy waste and pollution

The wasteful and polluting use of energy is a legacy of centrally-planned economies that caused environmental and economic damage, according to the bank, which on Sunday unveiled a strategy to invest more cash in southeastern Europe and Russia and reduce its activities in former communist countries that are now EU members.
by Roland Jackson
London (AFP) May 22, 2006
The European Bank for Reconstruction and Development on Monday launched an initiative to cut energy waste and pollution across the 27 former communist countries in which it operates.

The bank, holding its 15th annual meeting in London, also delivered its five-year vision to funnel more investment cash towards southeastern Europe and Russia -- and away from the more advanced economies of new European Union member states.

The two-day conference, which ends late Monday, comes as the EBRD mulls investing in a controversial energy project on the island of Sakhalin, 40 kilometres (25 miles) off Japan's coast, amid protests from environmentalists, geologists and community leaders.

The EBRD was founded in 1991 to assist the transition of former communist nations to market economies and operates in countries in central and eastern Europe and central Asia.

On Monday, it unveiled its Sustainable Energy Initiative to encourage clean and renewable energy projects while making the region it operates in more energy efficient.

Under the initiative, the bank will invest up to 1.5 billion euros (1.9 billion dollars) in energy efficiency, renewable and clean energy projects over the next three years.

With further financing from other investors it is hoped that figure could rise to 5.0 billion euros. The bank aims also to win an additional 100 million euros from donor governments.

"If the EBRD (countries) had the energy efficiency of Europe, world energy demand would be reduced by more than 7.0 percent," bank president Jean Lemierre told delegates.

"That is why the bank is launching a Sustainable Energy Initiative focused on climate change and energy efficiency."

The wasteful and polluting use of energy is a legacy of centrally-planned economies that caused environmental and economic damage, according to the bank, which on Sunday unveiled a strategy to invest more cash in southeastern Europe and Russia and reduce its activities in former communist countries that are now EU members.

The Czech Republic will begin talks in October 2007 on its graduation or departure from the European Bank for Reconstruction and Development, Czech National Bank governor Zdenek Tuma announced Monday.

Lemierre meanwhile appealed to Russia -- which in recent years has sought greater control over its vast oil and gas reserves -- to allocate the country's resources in a transparent and fair manner.

"If there is support (within Russian political circles) for more state control of some of the country's resources, the challenge must be to ensure that resources are redistributed and managed in a fair way that the people and investors can understand," Lemierre added.

The region covered by the EBRD, which is headquartered in the British capital, is one of the fastest growing parts of the world and has a growing appetite for energy.

"Across the whole region, the EBRD has set a high priority on better use of energy," Lemierre said. "The global concern with climate change is one good reason to reduce the use of fossil fuels."

The EBRD aims to double its financing for energy efficiency and renewable energy projects, while developing feasability studies for newer renewable technologies.

The Worldwide Fund for Nature on Sunday pleaded with the EBRD to deny financing for Sakhalin, claiming that the controversial oil and gas project on Russia's far eastern island had again breached environmental standards.

Before the conference, Lemierre had indicated that a decision would probably be reached by September on financing an expansion of the so-called Sakhalin II project, which is led by Anglo-Dutch giant Royal Dutch Shell and has a projected 20-billion-dollar (16.4-billion-euro) price tag.

Related Links

Undersea Channels Could Aid Oil Recovery
Cambridge MA (SPX) May 22, 2006
Undersea channels filled with porous material could help extract millions of additional barrels of oil from beneath the seafloor, researchers announced Monday.

.
Get Our Free Newsletters Via Email
  



  • CapRock Expands Disaster Satellite Services in Preparation For Hurricane Season
  • New Network Needed to Solve First Responder Communications Crisis
  • I think I'll take the stairs
  • Dutch Soldiers Move Into Afghanistan Under Apache Protection

  • Greenhouse Gas/Temp Feedback Mechanism May Raise Warming Further
  • Canada wants Kyoto climate-change deal scrapped: report
  • Al Gore issues global warming wake-up call at Cannes
  • Linking Climate Change Across Time Scales

  • Allied Defense Wins New Tracking Antenna Orders
  • DLR And EADS To Collaborate On New Earthsat Mission
  • ALOS Snaps Europe
  • NASA Looks At Hurricane Cloud Tops For Windy Clues

  • Here Comes The Sun With New Solutions For Worlds Energy Woes
  • Undersea Channels Could Aid Oil Recovery
  • EBRD launches 1.5-billion-euro initiative to cut energy waste and pollution
  • Hurricane forecast drives oil prices back up

  • Finding Cures For The Disease Of Neglect
  • More than 210,000 South Africans on antiretrovirals: spokesman
  • Hundred cases a day of HIV infections in Russia: officials
  • Sanyo says filtering system effective against bird flu viruses

  • Germany declares hunt on roaming Austrian bear
  • New Clues To Limb Formation (And Loss) In Sea Mammals
  • UN kicks off meeting to better protect world's fishing stocks
  • New Reefs Explored For Pharmaceutical Potential, Ecological Impacts

  • Finland hopes to clean up Russian shipping in Baltic
  • Test For Dioxin Sensitivity In Wildlife Could Result From New Study
  • Exxon Valdez Oil Found In Tidal Feeding Grounds Of Ducks, Sea Otters
  • New "Toxic" Ship Bound For India

  • Five Surprising Facts About Starvation
  • Hobbit Claims Shrunken
  • Europe's Migrant Crisis
  • Human And Chimp Genomes Reveal New Twist On Origin Of Species

  • The content herein, unless otherwise known to be public domain, are Copyright 1995-2006 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA PortalReports are copyright European Space Agency. All NASA sourced material is public domain. Additionalcopyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement