The European Commission and the European Bank for Reconstruction and Development (EBRD) have signed a memorandum of understanding to boost energy cooperation, including increasing investment in renewables.
The MoU, which replaces a previous agreement signed in 2007, will be implemented through an “enhanced coordination of policies and activities and through the optimisation of financing synergies”, the two parties said.
It will broaden existing cooperation to include scaling-up energy efficiency financing, developing smart grids and enhancing resilience to climate change, as well as increasing investment in renewable energy.
There will also be an enhanced focus on promoting the interconnectivity of energy systems and extending cooperation to related areas, such as regulatory and financing criteria issues, the EBRD and Commission said.
Previously, the cooperation focused mainly on energy security, energy efficiency and nuclear decommissioning.
Image: European Commission (Amio Cajander)
Europe forges new energy ties
Commission, EBRD MoU will target increased investment in renewables
By EBS