The European Bank for Regional Development (EBRD) is making up to €25 billion (£20bn) available into financing energy efficiency and climate change projects over the next three years.
The international financial body gives money to banks, industries and businesses in 29 mainly East European countries, including Poland, Ukraine, Russia and Bulgaria.
The multi billion-euro package is the third wave of funding of the Bank’s Sustainable Energy Initiative (SEI), which aims to cut between 26 and 32 million tonnes of carbon emissions a year.
Josué Tanaka, the Bank’s Managing Director for Energy Efficiency and Climate Change said: “The EBRD has established a strong track record in energy efficiency financing with a particular focus on the private sector.
“This experience is relevant not only to the expanding region of operations of the EBRD to reduce the impact of rising energy prices and to boost the competitiveness of enterprises, but to the scaling-up of financing to address climate change.”
The Bank says though many of the countries it covers are some of the world’s most inefficient users of energy, they also offer some of the best potential for “cost-effective CO2 mitigation”.