The World Bank is a premiere multilateral development organization providing technical and financial assistance to poor countries across the globe. The bank recently affirmed its commitment to strengthen Montenegro’s energy sector through a US$ 10 million energy efficiency project, which seeks to enhance energy consumption performance of public schools and hospitals in the country.
World Bank Country Representative Jan-Peter Olters outlined the details of the new energy efficiency project in the International Energy Conference held in Kolašin, Montenegro from July 10 to July 13. “The project’s narrow objective is, of course, to produce energy and financial savings in targeted buildings in the health and education sectors. However, more broadly, the accompanying energy audits – both ex ante and ex post – will underpin with data the general discussion surrounding the economic viability of energy-efficiency investments elsewhere.”
Olters discussed that the project will employ “new energy-efficiency and supply technologies” such as solar power in public places given that solar energy is “abundantly available in a country with an average of 240 days of sun per year.”
He assured the government of Montenegro of the bank’s continued assistance in developing the country’s energy sector. “We fully recognize the crucial importance of successful energy-sector reforms as prerequisite for high growth and fast development… the World Bank is prepared to provide additional support where necessary and requested by the [government],” he concluded.
Olters looks forward to the successful implementation of the bank’s energy project for the Southeastern European country. “I believe – in a few years’ time – Montenegro will have a great deal to contribute in the global energy debate, offering solutions that are consistent with the economic and environmental objectives of a country relying on sustainable tourism,” he said.
An economist and prolific writer, Olters has served international development and academic institutions. Prior to working for the World Bank, Olters was a senior economist at the International Monetary Fund. He also held teaching positions at McGill University and the Community College of Vermont. He has a PhD and Master’s degree in economics from McGill University and the University of Wisconsin-Madison, respectively.