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REGIONAL PERSPECTIVES041of the Europe's carbon trading system. This will be alarge and much needed programme over the next fewyears to develop this sector. PIONEERING CLIMATE ADAPTATIONClimate change may increase the challenge of projectsin risk sectors, such as water initiatives in coastal areasor threatened areas, including the Sahel region. Pureadaptation projects pose particular financing problemsas they do not normally generate revenue. Therefore wehave to make use of blended EU and internationalconcessional finance in conjunction with EIB loansand guarantees. We can expect this kind of project topick up rapidly following the pledges to fast-startfinance coming out of the Copenhagen Accord.The European Investment Bank is ready to supportmore effective climate action through enhancedemphasis upon financing research, development andinnovation in new technologies that can combatclimate change in a smart way. nABOUT THE AUTHORPhilippe Maystadt is the President of the EuropeanInvestment Bank. His career has included various keyposts within the Belgian Government over a periodspanning almost twenty years. Mr Maystadt wasMinister of Finance for a duration of ten years (1988-1998) and Chairman of the MFC of the InternationalMonetary Fund for five years (1993-1998). Author ofnumerous studies and publications in the field ofeconomic and financial law, he has also been aProfessor at the Faculty of Law of the CatholicUniversity of Louvain. Philippe Maystadt chairedseveral high-level committees in European andinternational financial organisations before beingappointed as President of the European InvestmentBank on 1 January 2000.

he European Energy End Use Efficiencyand Energy Services Directive (ESD) willbe implemented into the Polish legalsystem by a new legal act EnergyEfficiency Law (EEL) by the end of 2010. The new lawwill make provisions for the system of tradable energyefficiency certificates: White Certificates System,which will not only help achieve the national energysaving targets but also stimulate energy efficiencyinvestments in the country. The issue of energy efficiency in Europe is dealt withby the Directive 2006/32/EC on Energy End UseEfficiency and Energy Services (ESD). Pursuant to thewording of the National Energy Use Efficiency Plan(EEAP), which constitutes the implementation of theabove-mentioned directive, the Member States adoptand try to achieve the national indicative target in thefield of energy saving at an amount of nine per cent inthe ninth year of the directive being applied. The valueof this target in the absolute unit is 53,452 TWh (4,59Mtoe). This target is to be implemented by the MemberStates with the use of energy services and othermeasures to improve energy efficiency.As currently in Poland there are no legal provisionswhich would make it possible to implement theprovisions of the ESD, a new law is being introduced:Energy Efficiency Law (EEL), which is currently at thedraft stage (to be finalised by the end of 2010). Theintroduction of the legal provisions in the EEL draft willserve to ensure the necessary improvement in energyefficiency in Poland. Furthermore, the EEL is to reflectthe conclusions of the European Council of 8-9 March2007, which established the following objectives:. To reduce the EU's greenhouse gas emissions by 20per cent below 1990 levels by 2020;. To improve energy efficiency by 20 per cent by 2020;. To increase renewable energy sources to 20 per centof the EU's overall energy mix by 2020, including aminimum of 10 per cent biofuels in overall fuelconsumption.These objectives, are to be achieved through theimplementation of the Climate -Energy LegislativePackage, which consists of Directives 2009/28/EC,2009/29/EC, 2009/31/EC and 2009/406/EC.The proposed draft of the EEL is to help developmarket mechanisms stimulating improvement inenergy efficiency in Poland, with particular emphasison the system of energy efficiency certificates (the so-called White Certificates) which are a confirmation ofa specific amount of energy being saved as a result ofthe implementation of an undertaking serving toimprove energy efficiency. The obligation to provideand redeem white certificates will remain with energycompanies selling electricity, heat or gas to the endusers connected to the grid on the territory of theRepublic of Poland. Exempt will be energy companiessupplying heat to the end users connected to thenetwork only if the amount of power ordered by thoseusers does not exceed 5MW. White Certificates are issued by way of a procurementtender published, organised and conducted by thePresident of the Energy Regulatory Office (ERO) forinvestments related to: . An increase in the end user's energy saving; . An increase in the energy saved by the equipmentused for the company's own needs;. A reduction of the electricity and heat losses duringtransmission and distribution.Any undertaking resulting in the energy saving of anamount which constitutes the equivalent of at least 10ENERGY EFFICIENCYIN THE CONTEXT OF3X20 BY 2020REGIONAL 042PERSPECTIVESTKATARZYNA WOJCIECHOWSKA, COMMODITY MARKET ANALYST, CONSUS S.A.WOJCIECH PISKORSKI, PRESIDENT, CARBON ENGINEERING SP Z O.O. LTD. CO " "THE PROPOSEDDRAFT OF THE EEL IS TO HELP DEVELOP MARKETMECHANISMSSTIMULATING IMPROVEMENT IN ENERGY EFFICIENCY INPOLAND, WITHPARTICULAR EMPHASIS ON THE SYSTEM OF ENERGY EFFICIENCY CERTIFICATES?