News

EBRD steps up financing green economy transition

Published

October 26, 2015

Comments

0

Share

Published:

October 26, 2015

Comments:

0

Share

The European Bank for Reconstruction and Development pledged to scale up its contribution to the global fight against climate change with a sharp increase in green financing over the next five years. The announcement came two months before the United Nations Conference on Climate Change (COP21) in Paris, set to seal an international climate agreement and define an agenda of specific actions to combat climate change.

Since the launch of its Sustainable Energy Initiative in 2006 the EBRD has invested over EUR 18 billion in over a thousand projects with a total value of EUR 97 billion, the press release said. „The international community has a unique chance this year to deliver a decisive set of measures to combat climate change. With its long experience as a leader in climate finance, the EBRD is making an important contribution to this collective stand through its Green Economy Transition approach,” said Suma Chakrabarti, EBRD’s president.

With the new approach, endorsed by the board, the bank is aiming for green financing to be doubled to EUR 18 billion over the next five years, it said on its website. The bank is aiming to increase green financing to around 40% of total annual investments by 2020 compared with a target share of 25% over the previous five. In 2014, the EBRD dedicated 34% of its total EUR 8.9 billion in investments to sustainable energy and resource finance.

Investing in a wide variety of projects ranging from solar plants in Jordan and Kazakhstan and wind farms in Turkey and Mongolia to energy efficiency projects in factories and commercial and residential buildings, led to a reduction of carbon emissions of over 72 million tonnes a year, EBRD said. The investments generated almost 60 million MWh a year in renewable energy, equivalent to the electricity production in Romania in 2013, and led to annual energy savings of over 26.3 million tonnes of oil equivalent, exceeding the total energy demand in Greece in 2013, the article underscores.

In areas like renewable energy project finance, district heating rehabilitation and the Sustainable Energy Finance Facilities, activities are planned to be scaled up. The bank said it would step up its work to transfer the most advanced climate technology into the countries where it invests and develop new approaches for increased energy efficiency in various industries, such as in financing building rehabilitation. The EBRD will intensify its efforts to work with authorities at all levels to support the introduction of related regulation and legislation, as well as investment planning.

 

 

Related Articles

Serbia EPS no longer dependent on imports acting CEO Tomasevic

Serbia’s power utility EPS no longer dependent on imports, acting CEO claims

27 January 2023 - EPS is importing much less electricity this winter than last one and it is not dependent on imports, acting CEO Miroslav Tomašević said

Second unit of Krško nuclear power plant projected to come online in 2035

27 January 2023 - The second unit in the Krško nuclear power plant could be in operation in 2035, but project permits are still pending

Household solar power systems overload Cyprus electricity grid

Household solar power systems overload Cyprus electricity grid

27 January 2023 - The distribution and transmission system operators in Cyprus asked for a freeze in issuing licenses for small solar power installations for self-consumption

Romania is exploring geothermal waters at 24 locations

Romania is exploring geothermal waters at 24 locations

27 January 2023 - Romania is third or fourth in Europe in geothermal energy potential. Exploration is currently being conducted at 24 sites.