Climate financing by the world’s largest multilateral development banks (MDBs) in developing countries and emerging economies rose to an all-time high of $43.1 billion in 2018, boosting projects that help developing countries cut emissions and address climate risks. This represents an increase of more than 22 per cent from the previous year, where climate finance totalled $35.2 billion. This is also a 60 percent increase since the adoption of the Paris agreement in 2015 response to the ever more pressing challenge of climate change, which disproportionately affects the poorest and most vulnerable.
World Environment Day today is the perfect occasion to underline the urgent need to combat climate change and highlight successful examples of such work.
One such is the EBRD Green Economy Financing Facility in the Western Balkans (WB GEFF) which protects the environment by encouraging better and more efficient use of energy. To date, its €8 million of investments in projects have contributed to saving over 7 million kWh of energy and more than 2.5 million kg of CO2 emissions per year.
It may seem paradoxical that last year’s most important climate summit, the Conference of Parties (COP24), took place in one of the most polluted cities in Europe, Katowice in Poland. In reality, this coincidence highlighted a pressing issue: how do some of the world’s worst polluters move towards a green economy while ensuring that vulnerable communities are not left behind? How can we all work to ensure a “just transition”?
Plastic is the ubiquitous material of our age and has become indispensable in food packaging. Plastic has changed our lives for the better, but it is not disposable. Today, plastic threatens the oceans — microplastics are being identified throughout marine animals — and after decades of intensive use plastic has started changing the world’s environment – for the worse.
Moroccan small businesses are set to benefit from finance to invest in greener, energy and resource efficient solutions, which will boost their competitiveness and integration in local and international markets.
The European Bank for Reconstruction and Development (EBRD) is providing Société Générale Maroc with a €20 million loan, as the first partner bank under this new credit line, which is designed for SMEs involved in value chains and their green investments.
Turkish businesses will have greater access to finance under a new agreement between the EBRD and Turkiye Sinai Kalkinma Bankasi (the Industrial Development Bank of Turkey or TSKB). The EBRD is providing a risk-sharing facility of €50 million which – together with TSKB resources – will facilitate lending to private industrial companies for a total of €100 million.
The EBRD and the Kyrgyz Republic are addressing climate related risks in the country by launching a Climate Finance Centre (CFC), which will help bridge financial assistance available through the national and international climate funds such as the Green Climate Fund. It will attract necessary investment for climate projects in various sectors ranging from energy and water to agriculture and health in the Kyrgyz Republic.
The EBRD is supporting the growth of the first green property fund in the Baltic states with a €30 million equity investment in Usaldusfond EfTEN Real Estate Fund 4. The fund is the first in the region to adopt climate priorities and green objectives as integral aspects of its operational mandate.
Finance for the biggest solar park on the African continent, at Benban in Egypt; the first wind farm ever in Mongolia, and the 21 cities that have signed up to the EBRD’s pioneering urban sustainability programme, EBRD Green Cities, with more to come. These are just three examples of the EBRD’s successful work helping the countries where we work transition to the green economy.
Against the background of a challenging environment the EBRD is maintaining a strong focus on Turkey. In 2018 alone, the Bank invested €1 billion in the country. Turkey remains by far the largest portfolio among the 38 economies where the Bank currently invests.
The EBRD in partnership with Green Climate Fund (GCF) is stepping up its efforts to support renewables in Kazakhstan with a US$ 16.7 million loan for the construction of a new 30MWp solar power plant in Zhangiz-tobe in the east of the country.
The event will highlight the latest trends in financing green cities. From innovative technologies to sustainable infrastructure investment, it will explore how best to tackle urban challenges and secure a better and more sustainable future for cities and their residents.
Latvia’s Ministry of Finance took a landmark step toward the creation of a cohesive pan-Baltic capital market today, with the formal acknowledgement of the key points raised by a new assessment report.
Newly published EBRD research finds that a significant proportion of value chains within the 12 EU countries where the Bank operates, and also in Turkey as a member of the EU Customs Union, could be affected in an event of an exit of the United Kingdom from the European Union with no deal.
Speech delivered by EBRD President Sir Suma Chakrabarti at the event “10 Years Vienna Initiative – Anniversary Conference 2019”, Austrian National Bank, Vienna.
Today marks the tenth anniversary of the launch of the European Bank Coordination Initiative – or the Vienna Initiative as it is known more colloquially. Officials from many of the public and private institutions involved, as well as many of the Initiative’s original architects, are convening in Austria to mark the achievements from the last ten years and discuss the challenges ahead for the banking sector.
Three years after the international community pledged to limit global temperature rises caused by greenhouse gas emissions to no more than 2C and if possible to a more ambitious 1.5C, climate change is broadly acknowledged as one of the key risks to financial stability. Among ambitious responses is the European Commission’s plan to motivate European business to go carbon neutral by 2050.