The World Bank announced the launch of an ambitious new regional initiative aimed at significantly accelerating energy efficiency to ensure secure, affordable, and clean energy supply across Europe and Central Asia. The first phase of the initiative includes projects in the Republic of Moldova and Türkiye, IPN reports, with reference to a press release of the World Bank.

The 10-year “Scaling Up Energy Efficiency in Europe and Central Asia Program” (E3 Program) is projected to save over 63 terawatt hours (TWh) of energy over the lifetime of its investments—equivalent to the annual electricity production of Switzerland—and reduce CO2 emissions by 18.7 million metric tons.

The E3 Program will provide $1.46 billion in World Bank funding and raise an additional $2.4 billion from the public, private, and development sectors—including $1.5 billion in private capital. Initial funds have been earmarked for energy efficiency programs in four countries, with more expected to join over the 10-year period. Investments will target public facilities, residential buildings and appliances, industrial modernization, and district heating upgrades.

The E3 program will develop replicable country projects based on national plans and support access to sustainable financing. Initial projects under the Program include $300 million of World Bank funding for the renovation of central government buildings in Türkiye and $54.5 million to renovate public buildings and district heating, focusing on education facilities, in Moldova. The project is supported by a $5 million grant from the Moldova – Growth, Resilience and Opportunities for Well-being (M-GROW) program. Additional phases and projects in Türkiye, Moldova, Montenegro, Uzbekistan, and other countries are planned.

According to Antonella Bassani, World Bank’s Vice President for Europe and Central Asia, investing in energy efficiency is part of the World Bank Group’s vision to accelerate a shift towards clean and efficient energy, in order to avert the worst impacts of climate change.

The E3 program will work alongside the recently launched Europe and Central Asia Renewable Energy Scale-up (ECARES) Program to enhance energy security, improve affordability, and support the clean energy transition. While ECARES focuses on clean energy supply, E3 aims to reduce energy demand. Countries interested in participating in both programs are invited to submit letters of intent.