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EBRD launches sustainable energy action plan for Moldova

The EBRD announced it is boosting its commitment to support Moldova in reducing its energy intensity and promoting energy efficiency investments through a Sustainable Energy Action Plan. A memorandum of understanding to this effect was signed today by the EBRD’s Managing Director for Turkey, Eastern Europe, Caucasus and Central Asia, Olivier Descamps and the Moldovan Deputy Prime Minister and  Minister of Economy, EBRD Governor, Valeriu Lazar, Dumitru Lazar.

The action plan provides a framework for cooperation between the EBRD and Moldova in improving the environment for sustainable energy investments in various sectors of the country’s economy, such as power and energy, industry, agriculture, municipal and environmental infrastructure, property, as well as in the residential sector.

Moldova is dependent on energy imports for 90% of its consumption, which account for a third of the country’s budget. The Sustainable Energy Action Plan aims at developing necessary frameworks and facilities that would strengthen Moldova’s national energy security, address regional imbalances, improve industrial competitiveness and reduce the level of Moldova’s greenhouse gas emissions. 

Through the action plan the EBRD will assist the Moldovan government in developing necessary legislation for energy efficiency investments, develop financing initiatives to support investments in energy efficiency, renewable energy and possible carbon financing opportunities. In addition the EBRD will provide technical assistance to support the preparation and the implementation of such projects.

A special focus represents energy efficiency in the residential sector, aimed at helping households to cut energy consumption and cut bills. The EBRD is already helping Moldovan authorities to develop necessary legislation on energy efficiency in buildings, a premier in the post-soviet countries.

“The Sustainable Energy Action Plan for Moldova will set the foundation for a vast engagement on behalf of the EBRD and of the Moldovan government to contribute to Moldova’s sustainable growth, economic diversification and competitiveness through the implementation of advanced efficiency technologies”, said Olivier Descamps EBRD’s Managing Director for Turkey, Eastern Europe, Caucasus and Central Asia.

The EBRD is currently implementing similar action plans in Russia, Ukraine, Kazakhstan and Bulgaria. In 2010 the Bank has launched a €20 million energy efficiency financing facility for Moldova – MoSEFF – aimed at financing energy efficiency projects implemented by local private companies.

With committed investments of over €460 million to date, the EBRD is one of the largest investors in Moldova. (BBJ)