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  • Financing Energy Efficiency and Renewable Energy Investments for Climate Change Mitigation

    FINAL REPORT July 2018

    Consultant Nadejda Khamrakulova

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    Name of Division Director: Scott Foster

    Name of Project Manager: Oleg Dzioubinski

    Signature:

    Date:

    23 July 2018

    Signature: Date:

    23 July 2018

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    CONTENTS

    List of Tables ........................................................................................................................ 6  List of Figures ....................................................................................................................... 6  List of Boxes .......................................................................................................................... 7  Acronyms and Abbreviations ............................................................................................. 8  Signs and Measures .............................................................................................................. 9  EXECUTIVE SUMMARY ................................................................................................ 10  INTRODUCTION .............................................................................................................. 15  Chapter I: PROJECT IMPLEMENTATION ................................................................. 16 

    Project Overview ............................................................................................................ 16  Background Information ........................................................................................ 16  Project Status ........................................................................................................... 19 

    Major Project Accomplishments .................................................................................. 23  Identifying and Developing Investment Projects .................................................. 23  Strengthening Energy Efficiency and Renewable Energy Policies ..................... 24  Promoting Opportunities for Commercial Banks and Companies to Invest ..... 27 

    Project Constraints ........................................................................................................ 29  Project Complexity .................................................................................................. 29  Impact of Financial Crisis ....................................................................................... 29  Challenges in Project Implementation ................................................................... 30 

    Chapter II: BENEFITS FROM PROJECT IMPLEMENTATION ............................. 32  Policy, Regulatory and Institutional Reforms ............................................................. 33 

    Framework legislation and main policy documents ............................................. 34  Secondary legislation ............................................................................................... 37  Institutional framework .......................................................................................... 38 

    Enhanced Capacity of Stakeholders in the Countries ................................................ 39  Best Practices Developed and Introduced.................................................................... 42 

    Best policy practices ................................................................................................. 42  Best practices in project development ................................................................... 44  Best approaches to investments into EE and RE projects ................................... 45  Innovative financing instruments ........................................................................... 46 

    Awareness Raising among General Public .................................................................. 47  Developed and Financed Projects ................................................................................. 50 

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    Main incentives for development of the EE and RE projects .............................. 50  Project financing ...................................................................................................... 51  Government, public programmes and funds supporting EE and RE investments ............................................................................................................... 52  Financing schemes ................................................................................................... 53  Commercial financing ............................................................................................. 55  Technical assistance for project development, implementation and financing . 56  Energy service market ............................................................................................. 59 

    Chapter III: PROJECT SUSTAINABILITY .................................................................. 63  International Projects .................................................................................................... 63 

    Promoting Energy Efficiency Investments for Climate Change Mitigation and Sustainable Development ........................................................................................ 63  Promoting Renewable Energy Investments for Climate Change Mitigation and Sustainable Development ........................................................................................ 66  Sustainable Energy for All (SE4All) in Eastern Europe, the Caucasus and Central Asia .............................................................................................................. 67  Energy Efficiency Standards in Buildings in the UNECE Region ...................... 68 

    International Events and Meetings .............................................................................. 69  International Forum on Energy for Sustainable Development ........................... 69  Group of Experts on Energy Efficiency ................................................................. 72  Group of Experts on Renewable Energy ............................................................... 74 

    Publications ..................................................................................................................... 75  Best Policy Practices for Promoting Energy Efficiency ....................................... 75  Analysis of National Case Studies on Policy Reforms to Promote Energy Efficiency Investments ............................................................................................. 75  Experience in the Europe and CIS Region with Clean Energy – UNDP, GEF and UNECE .............................................................................................................. 75  Best Policy Practices for Promoting Energy Efficiency, Second edition ............ 76  Overcoming Barriers to Investing in Energy Efficiency ...................................... 76  UNECE Renewable Energy Status Report (two editions) ................................... 76 

    Chapter IV: REMAINING GAPS IN PROJECT COUNTRIES .................................. 77  Energy Intensity ............................................................................................................. 77  Share of Renewable Energy .......................................................................................... 78  Policy and Regulatory Frameworks ............................................................................. 79 

    Energy Efficiency ..................................................................................................... 81 

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    Renewable Energy ................................................................................................... 83  Institutional Framework ......................................................................................... 84 

    Financial Environment .................................................................................................. 86  Energy Efficiency ..................................................................................................... 86  Renewable Energy ................................................................................................... 89 

    Education and Awareness ............................................................................................. 93  CONCLUSIONS ................................................................................................................ 95  LESSONS LEARNED ....................................................................................................... 97  RECOMMENDATIONS ................................................................................................... 98  REFERENCES ................................................................................................................. 100  ANNEXES ......................................................................................................................... 102 

    Annex I: Survey on the Progress in the Areas of Energy Efficiency and Renewable Energy Resulted from the Implementation of the FEEI Project ............................. 102  Annex II: Country Profiles on the Progress in the Areas of Energy Efficiency and Renewable Energy ........................................................................................................ 108  Annex III: List of FEEI Project Materials and Events ......................................