Sweden pledges extra $19m in Loss and Damage Fund
Sweden pledges additional $19 million to the Loss and Damage Fund at the 29th United ...
EBRD invested €4.6 bnin 260 green economy projects in 2019
The European Bank of Reconstruction and Development (EBRD) invested €4.6 billion in 260 green economy projects in 2019 and this represented about 46 percent of the EBRD’s investments, according to the 2019 Sustainability Report.
This is more than ever before and well ahead of the Bank’s 40 percent target for 2020.
The report also highlighted expanding the reach of EBRD Green Cities by bringing in 17 new cities, increasing total investments to €474 million, and leveraging donor co-investment to mobilize over €1.5 billion in finance to date.
The bank has also engaged with stakeholders through green policy dialogue in 20 countries to improve market conditions for green investments.
EBRD also issued the world’s first dedicated climate resilience bond, raising $ 700 million.
The bank has continued its engagement and leadership on climate change Alongside providing record levels of climate finance, EBRD has been coordinating the multilateral development banks’ approach to the alignment with the goals of the Paris Agreement.
The bank incorporates environmental and social requirements into the appraisal and implementation of all Bank-funded projects based on European Union (EU) standards and international good practice.
It also provides finance and technical assistance specifically aimed at promoting environmental and social benefits, access to municipal services, such as water and public transport, in addition to supporting projects that promote gender equality and social and economic inclusion.
The bank also provides consultation and information disclosure, and maintaining regular strategic dialogue with civil society organizations and other stakeholders.
EBRD also started working on a Just Transition approach that could support communities in dealing with the social and economic impacts of the transition to a low carbon economy.
The bank became signatory to the UN Principles for Responsible Investment (PRI) in 2018 and will be reporting to the PRI for the first time in 2020.
The bank’s real impact is achieved through its investments, large and small. These investments range from providing a €210 million loan for the Doboj Bypass in Bosnia and Herzegovina – a road designed to function even with the scale of floods that are increasingly likely due to climate change – to the bank’s first transaction explicitly addressing economic inclusion for people with disabilities.
EBRD’s commitment to sustainability means responding to environmental and social challenges, engaging with investors and stakeholders, setting the highest standards of governance and delivering associated benefits for all.
The bank aims to minimize its own footprint, and measure, monitor and report on the impact of its work to ensure transparency and accountability. The EBRD endeavors to foster transition towards sustainable, inclusive, market-oriented economies that promote private entrepreneurial initiatives and development.
The bank is committed to working with clients, various governments, development institutions and a wide range of stakeholders to help the economies where it invests fulfill their commitments to the global sustainability agenda.
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