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EBRD starts €165 mln carbon credit fund in Eastern Europe

The European Bank for Reconstruction and Development (EBRD) said it had started a €165 million fund that will help countries and companies in Eastern Europe upgrade factories and power plants so they emit less carbon dioxide, enabling them to create carbon emission credits that can by traded in the European Union.

The fund opened today, EBRD said in an e-mailed press release. By joining the fund, EBRD or European Investment Bank member countries and companies can buy carbon credits from the emission reduction projects financed by the two institutions. Typical projects the fund will help will include energy efficiency projects, power plant and district heating renovation and projects related to renewable energy, EBRD said.