World Bank unveils 10-year initiative to boost energy efficiency in Central Asia

The programme, which also covers Europe, will have a funding of over $3b.

The World Bank has launched the "Scaling Up Energy Efficiency in Europe and Central Asia Programme" (E3 Programme) that will allocate $1.46b to support energy efficiency programmes in the said regions. 

In a statement, the financial institution said the 10-year initiative will also have an additional $2.4b from the public, private, and development sectors—including $1.5 billion in private capital.

The World Bank said initial funds have been set aside for four countries, with more expected to join over the 10-year period. 

“Efficient systems make business operations cleaner and more competitive, lower household energy bills, decrease air pollution, reduce carbon emissions, and create jobs,” said Antonella Bassani, vice president for Europe and Central Asia at World Bank.

With the implementation of the E3 Programme, the World Bank projects to save over 63 terawatt hours (TWh) of energy over the lifetime of its investments and reduce carbon emissions by 18.7 million metric tons.

“The E3 programme will develop replicable country projects based on national plans and support access to sustainable financing,” the World Bank said.

Under the programme, a coalition of regional and global organisations will be established. This will be allocated with an initial $5m grant from Energy Sector Management Assistance Program to facilitate knowledge exchange and creation, and coordinate and harmonise country approaches.