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Add to Preferred SourcesThe EBRD continues its leading role in green financing and devoted 36 percent of its total investments in 2018 to the green economy. The Bank is well on the way to meeting a target of dedicating a 40 percent share of investments to the green economy by 2020.
It underscored its green credentials with the launch of a new energy strategy that pledges to scale up investment in renewables, completely rule out financing for coal and restrict financing in upstream oil to exceptional projects, which reduce harmful greenhouse gases.
The EBRD also quadrupled the size of its Green Cities programme in support of environmentally friendly municipal investments to almost €1 billion.
Cities represent one of the greatest opportunities to address climate change and environmental degradation since they account for 70 percent of energy use and 80 percent of greenhouse gas emissions.
The EBRD Green Cities programme addresses challenges that are particularly urgent in the regions where the Bank operates. In many cases, obsolete urban infrastructure is severely affecting the quality of life of citizens, increasing greenhouse gas emissions, and preventing communities from adapting to climate change.
EBRD Green Cities grew in 2018 after a first €250 million of funding, designed to last five years, was mostly committed within just two years. In October, the EBRD approved a further €700 million of funding, expanding the number of cities that can be supported.
The Bank overcame significant economic challenges in a number of countries to maintain an excellent level of investment and backing for reforms in 2018. It financed 395 projects worth a total of €9.5 billion, very close to the 2017 record of €9.7 billion. For 2019, the EBRD set ambitious goals in support of the global development agenda, with climate finance a major component.
Original source: EBRD
Published on 17 January 2019