OREANDA-NEWS. May 02, 2012. The Energy Efficiency Fund is designed to identify, appraise and back projects on energy efficiency and renewable energy sources use. The main objective of the Fund is to raise and administrate funds for financing and implementing the projects in line with strategies and programs developed by the government.

By a document adopted by Cabinet ministers the Ministry of Economy is to ensure establishment of the Administrative Board of the Fund. The Fund is to be formed by transferring on its accounts means from the state budget at an amount least 10% of the total amount of the Fund necessary to achieve the goals established. The Fund will also be contributed to by individuals and legal entities from Moldova and abroad, including international financial organizations and donors. To implement energy efficiency and renewable energy projects the Energy Efficiency Fund is to use such financial instruments as grants, warranties, loans and leasing. As it was said early, Moldova is going to increase the amount of the alternative energy 6% in 2010 to 20% in 2020. T

his objective has been included in the National Program on Energy Efficiency the government has adopted to enhance energy safety of the country. According to the document, the bio fuel share in the total amount of fuel used is planned to be increased at least to 10% by 2020, with the total amount of energy consumption being decreased by 20%. Green gas pollution is going to be reduced at least by 25% by 2020.

Realization of the National Program on Energy Efficiency has become the responsibility of the Agency for Energy Efficiency. The projects will be implemented from the budget means transferred to the Energy Efficiency Fund and the aid of external donors of Moldova, namely, from grants by the European Commission, lax credits by the European Bank for Reconstruction and Development and other international financial bodies. In 2012 realization of the energy efficiency projects is planned to be allotted to over 180 mln. leis from the budget.

There is an agreement that the European Commission will allot Moldova for these projects over 40 mln. euros within 3 years. The National Program of Energy Efficiency stipulates creation of the entire industry to render services on improving energy efficiency in Moldova. Energy audit is planned to be fulfilled, energy managers and consultants will appear to render assistance to state enterprises and commercial companies for them to achieve more effective use of energy sources.