Our Caucasus Energy Efficiency Programme (CEEP) has been highly successful in recent years. Thousands of clients have already benefited from CEEP through EBRD partner banks. For this reason it has expanded to other countries, including Azerbaijan, where we officially launched our local programme in November 2014. The country’s boom in oil and gas will not last forever, so by participating in CEEP Azerbaijan is preparing for the future and helping to boost the potential for energy savings.
High energy intensity can be a stumbling block for firms facing stiff international competition. This is where CEEP comes in: it provides credit lines totalling US$ 125 million, which local partner banks use to help companies and private households finance sustainable energy investments.
The programme is supported by the EU’s Neighbourhood Investment Facility (NIF) which offers incentive payments to those investing into energy efficiency. The Austrian Ministry of Finance is funding consultants who advise potential borrowers on the best solution for reducing their energy consumption.