"No economic development without energy, no sustainable development without climate protection." This is how OeEB's Executive Board members, Andrea Hagmann and Michael Wancata, describe the challenges for development finance in the run-up to the UN Climate Change Conference in Paris.
More than two billion people still do not have access to electricity. This has a negative impact on further economic development. "Focusing on renewable energy in developing infrastructure is essential in order to achieve growth which will improve living conditions on the long-term", emphasize Hagmann and Wancata.
They also see great potential in the area of energy efficiency, especially in emerging countries: "There is high demand for loans to replace old, energy-guzzling machines or to improve building insulation." OeEB provides credit lines to local banks and supports them in introducing adequate bank products.
An example is OeEB's credit line of USD 15 million to ProCredit Bank Georgia. These funds will be used for financing energy efficiency measures of small and medium-sized companies as well as private households.