€750 Million Development Policy Loan Signed
WARSAW, June 16, 2011 - The World Bank and the Ministry of Finance of the Republic of Poland today signed the Energy Efficiency and Renewable Energy Development Policy Loan, which was approved by the World Bank’s Board of Directors on June 7, 2011.
The Development Policy Loan (DPL) of €750 million (US$1.11 billion) is to support the energy efficiency and renewable energy components of Poland’s implementation of the Energy Policy of Poland Until 2030 program. The program and the policies are expected to help to:
- reduce the cost of “greening” energy services, thereby supporting sustainable economic growth;
- create “green jobs” through significant energy efficiency and renewable energy investments; and
- reduce air pollution, diminishing its impacts on human health.
“We are very pleased for the support of the World Bank for the Government’s energy efficiency and renewable energy program,” said Jacek Dominik, Undersecretary of State, Ministry of Finance of the Republic of Poland. “This loan will help provide support to fulfill our major commitments made with the EU, which are: (1) to decrease energy consumption by 20 percent by 2020, (2) to increase the share of renewable energy in final energy consumption to 15 percent by 2020, and (3) to reduce the greenhouse gas emissions by 20 percent in 2020. It will also help to minimize any potential negative effects of the transition to a low emission economy by minimizing the costs and thus supporting sustained economic growth and job creation.”
“The World Bank welcomes the opportunity to support Poland’s energy efficiency and renewable energy program,” said Thomas Laursen, the World Bank Country Manager for Poland and the Baltic Countries. “Building on the recent innovative Bank study on ‘Transition to a Low emission Economy in Poland’, this policy-based loan supports reforms and measures to enhance Poland’s energy efficiency and use of renewable energy in order to lower greenhouse gas emissions (GHG) emissions and help the country meet its climate change targets. We look forward to continuing our cooperation with the Polish government on this important agenda in the coming years,” said Laursen.