NGO statement regarding the EBRD's usage of its profits

We the NGOs who attended the EBRD AGM in Kazan on May 20-21, 2007 would like to offer a suggestion for the use of the EBRD record profit of Euro 1,7 billion to stimulate energy efficiency in our region. We believe that since the EBRD was created to assist the countries of Eastern Europe and Central Asia in their transition, the profit should be used to create public good in the region.

Therefore we urge the EBRD Board of Directors and the management of the Bank to use the extra profit from EBRD operations for energy efficiency measures in the housing sector in all the countries of operation. This could be done through the establishment of a special fund under the EBRD's Sustainable Energy Initiative.

The EBRD's own analysis shows that energy intensity in countries of operation is extremely high and using funding for energy efficiency would tackle both global climate change and the impacts of increased tariffs for energy in Eastern Europe, which are often severe.