World Bank Launches $3.86 Billion Energy Efficiency Program For Europe And Central Asia

The World Bank has announced the launch of a comprehensive $3.86 billion initiative, the “Scaling Up Energy Efficiency in Europe and Central Asia Program” (E3 Program), aimed at revolutionizing energy efficiency across the region. This ambitious 10-year program is set to save over 63 terawatt hours (TWh) of energy—equivalent to Switzerland’s annual electricity production—and reduce CO2 emissions by 18.7 million metric tons.

Antonella Bassani, Vice President for Europe and Central Asia at the World Bank, emphasized the program’s significance in addressing climate change and enhancing economic competitiveness. “Investing in energy efficiency is pivotal for our region’s sustainable future. It not only reduces carbon emissions but also lowers energy costs, improves air quality, and stimulates job creation,” Bassani stated.

The E3 Program will deploy $1.46 billion in World Bank financing, supplemented by an additional $2.4 billion from public, private, and development sectors, including $1.5 billion in private capital. Initial projects will focus on enhancing energy efficiency in public facilities, residential buildings, industrial sectors, and district heating systems across participating countries.

In Türkiye, the program will allocate $300 million for the renovation of central government buildings, while Moldova will receive $54.5 million to upgrade public buildings and district heating, supported by a $5 million grant from the Moldova – Growth, Resilience and Opportunities for Well-being (M-GROW) program.

Charles Cormier, World Bank Regional Director for Infrastructure, highlighted the program’s strategic role in overcoming market barriers and fostering regional cooperation. “Energy efficiency remains the most accessible solution to meet energy demands. Our program will strengthen policies, mobilize private investments, and create a regional network for knowledge exchange,” Cormier affirmed.

The E3 Program aligns with commitments made by 18 countries in the region to double their annual energy efficiency improvements by 2030. It complements the Europe and Central Asia Renewable Energy Scale-up (ECARES) Program, collectively enhancing energy security and advancing the clean energy transition.

For further information on participation and project details, interested countries are invited to submit letters of intent to the World Bank.