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The ECE Energy partnership investment
Efficiency 21 Project funds.
promotes the formation of
an energy efficiency One investment fund has
market in Eastern Europe already been established
so that cost-effective and another is under deve-
investments can provide a lopment. The SwissRe
self-financing method of European Clean Energy
reducing global green- Fund is one of the largest
house gas emissions. funds for financing envi-
ronmentally sound energy
During the last few years, technology in Europe. It
the ECE and other inter- has been successfully rai-
national programmes have sed by SwissRe and
demonstrated that it is Conning Asset Manage-
possible to identify, deve- ment under a mandate of
lop and finance energy the Energy Efficiency 21
investment
efficiency
Project. The EUR 354
projects that reduce green- million fund provides
house gas emissions in capital for clean energy
Eastern Europe. But it has projects that reduce green-
also shown that this is a house gas emissions in
time consuming and labour Central, Eastern and
intensive process that Western Europe. It is now
needs to become much financing energy efficiency
more fluid or business-as- and renewable energy
usual in order to succeed investment projects that
on any meaningful scale. reduce CO2 emissions and
Global Environmental
generate carbon credits or
Facility (GEF). Q: What do you
The market for energy tradable certificates.
consider to be the
efficiency projects with a
It will launch a public- main challenges in the
payback period of less than The SwissRe European private equity Fund, assist years to come, and do
five years is estimated to be Clean Energy Fund offers
local experts to develop you really think that we
between EUR 5 and 10 attractive returns to
investment projects for are facing this huge
billion. But the capital institutional investors in
financing and work with energy crisis that the
investment requirements Europe, Canada and the local authorities on the media is talking so
needed to tap this potential United States for financing energy policy reforms to much about?
are so large that only energy efficiency, wind,
support these investments.
commercial sector finance solar,
hydroelectric,
The main challenge will be
on a significant scale can geo-thermal projects while The Eastern European to identify and promote
actually deliver meaningful providing carbon market
Energy Efficiency Fund policies and new forms of
results. This market will services.
will be a Euro denominated industrial cooperation on
need to provide opportuni-
public-private partnership energy security and
ties for the commercial The ECE is currently Fund with capital commit- sustainable energy. New
sector to make large invest- assisting in the develop-
ments from both the public strategic alliances are
ments with low transaction ment and launching of a
sector and the private sec- being developed between
costs that make adequate new investment fund to tor for approximately Euro major European natural gas
returns at acceptable risk reduce greenhouse gas
250 million. The Fund will companies on the forma-
within a reasonable period emissions in twelve coun-
be designed to make Euro tion of joint venture energy
of time. tries in Eastern Europe,
companies.
denominated mezzanine efficiency
Central Asia and South-
and equity investments in Indeed, the government of
The ECE energy efficiency Eastern Europe. The
energy efficiency and/or the Russian Federation is
Energy
market formation activities 'Financing now supporting an ECE
renewable energy projects
involve capacity building Efficiency Investments for or companies developing, project on increasing ener-
Change
to develop investment pro- Climate
manufacturing, distributing gy efficiency to generate
jects, assistance on govern- Mitigation' project is sup-
hydrocarbon
or installing energy greater
ment policy reforms and ported by the United
efficiency and/or renewa- availabilities for additional
Foundation
opportunities for project Nations
ble energy equipment or exports. This project
finance through externally (UNF), Fonds Français
services in the twelve reflects the Decision of 4
managed public-private pour
l'Environnement
participating countries. June 2008 of President
Mondial (FFEM) and the
Medvedev related to
18 1 2009 Diva

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