Contacts: In Buenos Aires: Yanina Budkin (54-11) 4316-9724 ybudkin@worldbank.orgIn Washington: Gabriela Aguilar (202) 473-6768 gaguilar2@worldbank.org WASHINGTON, June 26, 2008. - The World Bank approved today a US$15 million grant from the Global Environment Facility (GEF) with the aim to increase the efficiency in the use of energy and contribute to reducing greenhouse gas emissions inArgentina. This project will help establish regulatory and policy measures, scale up the efforts to phase out inefficient lighting, disseminate information and develop financial risk reduction instruments needed to promote energy efficiency. “With this grant, we are contributing to the reduction of greenhouse gas emissions by helping remove the regulatory, financial, and informational barriers that prevent activities and investments in energy efficiency and energy conservation” said Pedro Alba, World Bank Country Director for Argentina, Chile, Paraguay and Uruguay. These objectives will be achieved by: (a) Developing a solid pipeline of bankable energy efficiency projects in the industrial and commercial sectors; (b) Supporting an efficient lighting program implemented through electric utilities; and (c) Strengthening the incentive framework for energy efficiency. Argentina is the fourth-largest consumer of energy in Latin America, second only to Venezuela in per capita energy consumption. Total installed capacity in 2006 was 24,046 MW, 54 percent of which was thermal, 41 percent hydro power and four percent nuclear, with less than 0.1 percent renewable. Argentina’s gross domestic product (GDP) grew by 44 percent between 2003 and 2007. This high level of economic growth has led to a corresponding increase in the demand for energy, which is projected to grow by more than five percent per year. “Argentina has embarked upon a concerted effort to improve energy efficiency, thereby helping to reduce the need for incremental generation capacity, creating financial savings for the consumers, and ultimately reducing greenhouse gas (GHG) emissions by reducing the need for fossil fuel-based generation” says Xiaoping Wang, World Bank task manager of the project. This project is financed by a US$15 million Global Environment Facility (GEF) grant and will be implemented over a six-year period. ### For more information about this project please visit:http://web.worldbank.org/external/projects/main?Projectid=P090119&theSitePK=40941&pagePK=64283627&menuPK=228424&piPK=73230 For more information on the World Bank’s work in Argentina please visit: http://www.worldbank.org/ar About the Global Environmental Facility: The Global Environmental Facility (GEF) unites 178 countries in partnership with international institutions, non-governmental organizations (NGOs), and the private sector to address global environmental issues while supporting national sustainable development initiatives. Today the GEF is the largest funder of projects to improve the global environment. An independent financial organization, the GEF provides grants for projects related to biodiversity, climate change, international waters, land degradation, the ozone layer, and persistent organic pollutants. Since 1991, GEF has achieved a strong track record with developing countries and countries with economies in transition, providing US$7.6 billion in grants and leveraging US$30.6 billion in co-financing for over 2,000 projects in more than 165 countries. |
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