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The European Bank for Reconstruction and Development (EBRD) hosted a side event with the aim of providing insight into the EBRD’s continuing work to address the twin challenges of climate change and energy efficiency in its region of operation, one of the most energy intensive in the world. Specifically, the event focused on progress made and achievements of the EBRD’s Sustainable Energy Initiative (SEI). Launched in May 2006 and now in its third phase, the SEI is an initiative which has increased sustainable energy investment across the region, delivered sizeable carbon emission reductions over an accelerated timeframe, and demonstrated how private sector investment can be mobilized at scale for climate change mitigation. Since 2006, the EBRD has invested €10 billion in the SEI, with a total project value of €56 billion in 552 projects across 34 countries, 62% of whıch was ın the prıvate sector. The EBRD’s increasing investment in this sector has resulted in CO2 savings of an estimated 50 million tonnes per year in its region.
This event also reviewed how the EBRD has supported Turkey in achieving its sustainable energy needs since 2009, and addressed what work still remains to be done. To date, the EBRD has invested €2 billion in Turkey, 900 million of which was under the SEI. With increasing industrialization and urbanization, and growing concerns over rapidly rising greenhouse gas emissions, Turkey’s already energy-intensive economy poses one of the greatest challenges and opportunities for sustainable energy investments in the region.
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