As crucial climate talks in Paris approach, the EBRD is looking ahead with confidence to bringing its expertise and finance to the implementation of a new set of climate goals.
The 30 November-11 December COP 21 meeting is expected to seal an international climate agreement and define an agenda of specific actions to combat climate change.
As an acknowledged leader in climate finance, the EBRD can play a key role helping to deliver the COP21 goals. It has had a strong environmental mandate ever since its inception and has steadily increased its activities to promote the sustainable use of energy and resources.
This year, in response to calls by the international community to all of the Multilateral Development Banks, the EBRD unveiled a climate strategy that will see 40 per cent of its annual investments dedicated to climate finance by the year 2020.
Its Green Economy Transition approach foresees €18 billion of green financing over the next five years, the same amount that was delivered over the whole of the last decade.
In order to achieve these goals, the EBRD will step up existing activities to meet pent up demand and develop newer areas such as adaptation financing and the successful transfer of innovative climate technology into and across the regions where it works.
Innovation has played a key role in the EBRD’s track record so far in climate finance. The Bank’s successful Sustainable Energy Finance Facilities have broken new ground in the involvement of the financial sector in sustainable investments.
It financed the first wind farm in Mongolia and the first solar plant in Kazakhstan. Its investments in renewable energy recently overtook financing for thermal generation.
The Bank’s 1000th project under its Sustainable Resource Initiative, signed in the last few weeks, supported the first PVC recycling scheme for a Turkish plastic goods manufacturer.
During the Paris negotiations, the EBRD will once again confirm its determination to drive the green agenda forward.
All of the heads of the leading MDBs, including EBRD President Sir Suma Chakrabarti, are scheduled to announce publicly their intention to scale up the delivery of public and private finance to help the countries where they work take on the climate challenge. They will make clear that climate action is integral to everything they do.
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