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By Libor Krkoska, Deputy Director, Country Strategy, European Bank for Reconstruction and Development
What green finance standards are being developed and put in place across the industry
The vast majority of countries are committed to the international community’s objectives set out in the Paris Agreement of 2015 to limit the increase in global average temperature to well below 2 degrees Celsius. The EBRD recently adopted its Green Economy Transition 2021-25 as the new approach for helping economies build green, low carbon and resilient economies, providing a benchmark for other financial institutions. Through the new GET approach, the EBRD will increase green financing to more than 50 percent of its annual business volume by 2025. It also aims to reach net annual GHG emissions reductions of at least 25 million tonnes over the five-year period. Under the Green Economy Transition approach, the EBRD covers energy & resource efficiency, circular economy, renewable energy, climate resilience, and just transition. It is also important to pursue a comprehensive approach, for example under the EBRD Green Cities Programme that strives to build a better and more sustainable future for cities and their residents. The programme achieves this by identifying, prioritizing and connecting cities’ environmental challenges with sustainable infrastructure investments and policy measures.
