Armenia, Georgia and Moldova have joined E5 Partnership
During a pledging conference held on Monday 21 October at the European Investment Bank (EIB) in Luxembourg, the international donor community raised an additional €60 million to enable expansion of the activities of the E5P Fund.
Eastern Partnership countries face a challenging energy environment. Most are highly dependent on expensive imported gas, which places a heavy burden on their economies. On average, they are also three times more energy-intensive than the average EU country. Therefore it is particularly important to develop their potential for energy efficiency, which will contribute to energy security and economic competitiveness. In turn, this will have a positive impact on the environment.
E5P is part of the strategic response to energy issues, allowing municipal authorities to invest in concrete projects that make the most of opportunities for energy savings. As a partnership, E5P also includes a strong commitment to policy dialogue; this allows partners to address policy issues in their efforts to find practical solutions to problems municipalities face when investing in energy efficiency measures.
The Covenant of Mayors, a European Union initiative involving voluntarily commitments by municipalities to reductions in CO2 emissions and energy use, has gained momentum through the Eastern Partnership. Already, more than 78 cities in the E5P region – with a total population of 10 million – are signatories to the covenant, demonstrating their commitment to energy savings.
Most of the cities that have benefited from the E5P Fund in Ukraine are also signatories to the Covenant of Mayors. The fund provides valuable support to these cities, enabling them to achieve sustainable growth. ■