EIB Information 3-2007 (N°128)

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EIB Information 3-2007 (N°128) 8 2 1 ° N N° 128 The information magazine of the European Investment Bank Groupt3 – 2007t*44/ 8 10 20 Three new The EIB expands Vice-Presidents New EIB office its operations at the EIB in Helsinki to the East 2007 EIB Forum Energy Efficiency and Renewables Topping the EIB Agenda The 2007 EIB Forum held Andrej Bajuk, Slovenian Minister for Finance, and Philippe Maystadt, in Ljubljana, Slovenia, on EIB President. 27 and 28 September set the scene for open debate on one of Europe’s most pressing topics: Investing in Energy – Mastering Climate Change. Leading government officials, academics and industry representatives provided food for thought on how best to translate European objectives into concrete solutions. Ë here can be little debate on the need for clear and immediate action to combat climate change, reduce harmful emissions and manage energy demand on a global scale. Reflection on the current situation and on the measures that need to be taken came at a very appropri CORPORATE ISSUES ate time for Slovenia. &*#'PSVNo&OFSHZ&GGJDJFODZBOE 1 Renewables Topping the EIB Agenda "TQBSUJDJQBOUTJOUIF'PSVNBSSJWFEJO-KVCMKBOB UIFCFBVUZPGUIFDPVOUSZT &*#8FCTJUF/FX-PPLBOE'FFM 6 green environment could only have made a lasting impression. Yet national &OIBODJOH5SBOTQBSFODZBOE6TFS'SJFOEMJOFTT pride in the inspiring countryside was overshadowed by widespread de EIB applies the Aarhus Regulation 10 struction caused by floods that claimed the lives of six people. &*'TJODSFBTFJODBQJUBMoTPXJOHUIFTFFET 17 for a successful future Time to act EIB seminar on financing clean energy 26 Slovenian Minister for Finance, Andrej Bajuk, voiced strong political sup 8*5)*/&6 port for the need to take proactive measures to avoid further disasters. In +"41&34GVMMZPOUSBDLUXPZFBSTBGUFSMBVODI 11 IJTPQFOJOHBEESFTTUPEFMFHBUFT IFTUBUFE JESSICA ready to tackle the urban challenge 13 “We all know how painful the consequences of natural disasters are: just one 4VDDFTTGVMUBLFPGG 15 week ago we experienced torrential rains in various regions of Slovenia with for the Risk Sharing Finance Facility devastating consequences. We need to act. Now that Europe has a concrete OUTSIDE EU agenda we have to meet its targets at minimum cost. The benefits of moving FEMIP develops the venture capital sector 19 forward swiftly will far outweigh the economic costs of failure to act.” JO-FCBOPO The EIB expands its operations to the East 20 As Slovenia prepares to take on the Presidency of the European Union for &6"GSJDB*OGSBTUSVDUVSF5SVTU'VOE UIFTJYNPOUIQFSJPEGSPN+BOVBSZUP+VOF .JOJTUFS#BKVLTBJEFOWJ 22 encouraging first results ronmental sustainability would be placed at the core of his country’s ap proach to the energy market. EASSy project 24 */5&3/"-*446&4 Europe – a world leader (BKǗDLB 4DBOOBQJFDPBOE4SFKCFS/FXNFNCFST 8 of EIB’s Management Committee Welcoming the participants and setting the agenda for discussion, EIB Presi EIB opens office in Helsinki 10 dent Philippe Maystadt underlined the importance of Europe’s role in the USBOTJUJPOUPBMPXDBSCPOHMPCBMFDPOPNZ EIB Senior Management Cadre Appointments 25 5IF&*#XBOUTUPPCUBJOUIF(SFFO-BCFM 27 As many of the speakers at the Forum concurred, innovative technologies /FX&*#QVCMJDBUJPOT 28 and the effective use of capital can offer Europe a unique competitive ad vantage in the drive to promote energy efficiency and increase the use of renewable energies. “Until […] international agreements are reached, the European Union must continue to play a pioneering role. And it can do so. Europe has the scientific and technical knowledge to develop practical solutions. It also has the finan- cial resources to be able to bear the costs of implementing new technologies and regulatory systems. What’s more, playing such a pioneering role is likely, ultimately, to have an economic pay-off.” EIB Information is published periodically by the Communication Department of the European Investment Bank. As Slovenia prepares to take on &EJUPSJODIBSHF%BOJFMB4BDDIJ$SFNNFS the Presidency of the European -BZPVU&*#HSBQIJDTXPSLTIPQ 4BCJOF5JTTPU 6OJPOGPSUIFTJYNPOUIQFSJPE GSPN+BOVBSZUP+VOF 1IPUPT&*#QIPUPHSBQIJDMJCSBSZ Minister Bajuk said environmental Material which appears in EIB Information may be freely sustainability would be placed at reproduced; an acknowledgement and clipping of any the core of his country’s approach article published would be appreciated. to the energy market. CORPORATE ISSUES Financing projects supporting Session I: Energy futures Europe’s objectives President Maystadt underlined the impor tant role that the EIB must play in support of the EU energy agenda. The European $PVODJMPG.BSDITFUJUTFMGDIBMMFOHJOH Simon Brooks, Dr Karl Kellner, Stefan Singer, Richard Hosier, Henri-Luc Thibault, targets when it laid down the Action Plan EIB Vice-President European Commission WWF Global Environment Facility Plan Bleu GPS&OFSHZ1PMJDZ Session II: Energy supply t BSFEVDUJPOJOHSFFOIPVTFHBTFNJT TJPOTCZDPNQBSFEUP t BUBSHFUPGBTIBSFPGSFOFXBCMFFO ergies in overall energy consumption by Torsten Gersfelt, Marko Kryžanowski, Johannes Heithoff, Helmut Engelbrecht, Christine Lins, EIB Vice-President Petrol, Slovenia RWE Power Research and URENCO, UK European Renewable Development, Germany Energy Council t BNJOJNVNUBSHFUPGGPSUIFTIBSFPG biofuels in petrol and diesel consumption Session III: Energy demand for transport; t increased energy efficiency in the EU to BDIJFWFBTBWJOHPGFOFSHZDPOTVNQ UJPODPNQBSFEUPQSPKFDUJPOTGPS Christian Egenhofer, Peter Hennicke, Graham Smith, Nico Wietor, Prof. Dr Uwe Wullkopf, Harry Verhaar, The EIB’s own energy policy, ‘Clean Energy for Centre for European Wuppertal Institute Former Deputy Prime Minister of Finance, Deputy Minister of Yased - International Policy Studies, CEPS for Climate, Minister, Serbia Cyprus Economy and Energy, Investors Association &VSPQFBSFJOGPSDFE&*#DPOUSJCVUJPO MBZTPVU Environment and Energy Bulgaria Turkey concrete targets contributing towards the goals of the EU. (For further information on Session IV: Financing energy UIF&*#T&OFSHZ1PMJDZTFF&*#*OGP/P The EIB’s commitment was further highlight FEBUUIF-KVCMKBOB'PSVN XIFSFUIF#BOL signed loans to the energy sector to the value PGBMNPTU&63N GVMMZDPNQMJBOUXJUIUIF EU’s strategy for the sector. Christian Egenhofer, Dr Franc Križanic, Seb Walhain, Chris Greenwood, Håkan Karlström, Centre for European Policy Economic Institute of the Law Environmental Products, New Energy Finance, UK Ministry of Enterprise Innovation and cooperation Studies, CEPS School, Slovenia FORTIS and Energy, Sweden These two words dominated much of the debate throughout the conference. Al though centred on the topic of the ener EIB support for natural disaster relief gy marketplace, the Forum turned its at UFOUJPOPONBOZPDDBTJPOTUPUIF-JTCPO and prevention Agenda, the EU’s Action Plan to establish Over the course of the last ten years, the EIB has provided loans addressing natural ca- BDPNQFUJUJWF JOOPWBUJWFBOELOPXMFEHF tastrophes, or preventing them, amounting to some EUR 3.5bn. For example, the EIB based European economy, capable of has provided credit support to countries or regions severely hit by disasters, including sustainable economic growth and greater the Czech Republic and Romania in 2006, the UK in 2004, Austria, Algeria, the Czech TPDJBMDPIFTJPOCZ Republic, Germany and Italy in 2002, and Poland and Hungary in 2001. It has also fi- nanced reconstruction in countries hit by severe earthquakes (Italy in 1999 and 2000, Karl Kellner of the European Commission’s Turkey in 2001, Algeria in 2003), and Asian countries affected by the 2004 Tsunami. %JSFDUPSBUF(FOFSBMGPS&OFSHZBOE5SBOT The Bank is also considering providing a loan of EUR 100m to support the regenera- port, and Richard Hosier, Head of the Climate tion of areas in Greece affected by the fires of summer 2007. Change Department at the Global Environ ment Facility, underlined the need to turn If requested, the EIB is prepared to provide loans to finance flood relief and prevention technological opportunities into business measures that would address the damage caused by September’s floods in Slovenia. realities, gaining a competitive advantage for Europe. Ë EIB Information 3 – 2007 3 CORPORATE ISSUES Forum Signatures On the first day of the 2007 Forum in Ljubljana, the EIB signed three loans amounting to EUR 393m for energy projects in the host country, Slovenia. The central thread running through these operations was the Bank’s sup- port for environmental improvement in the country. A loan of EUR 350m was provided for the modernisation and increased efficiency of electricity generation from the local fuel resource, lignite. Although lignite is a fossil fuel, this project aims to render a significant reduction (28%) in the carbon intensity of the electricity produced, and simultaneously provide heat to the local district heating system. sitive issue of satisfying customer demand A second loan, worth EUR 13m, went towards the completion of the construction in a sustainable manner. In the European and operation of the first pumped-storage hydropower plant on the Soča River. context, this is a matter open to individual The project, which will use off-peak electricity to pump water at night and reverse interpretation, the EU having stated that the flow to generate power at peak times, will lower Slovenia’s dependency on Member States are free to define their own fossil fuels and therefore help cut greenhouse gas emissions. FOFSHZNJYXJUIJOUIFGSBNFXPSLPGUIF6O Finally, a framework loan of EUR 30m was signed, benefiting small and medi- ion’s
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