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The EBRD and other multilateral development banks have hailed the Rio +20 summit as a ‘unique opportunity’ to launch a renewed strategy for sustainable development which aims for inclusive green growth.
Thomas Mirow, president of the EBRD, and his counterparts from other multilateral development banks (MDBs), vowed ‘to work together to support global transformation in line with Rio +20 agreements’.
‘We believe that such a transformation is necessary and can be made in an equitable, efficient, and affordable way,’ Mr Mirow said in a joint statement signed by the MDB presidents.
The statement describes ‘green growth’ as growth which ‘is attained with a smaller environmental footprint, is inclusive, and achieves gains in opportunities and access to resources by all segments of the population to reduce income inequity’.
Among the ‘core’ green growth issues the MDBs identify are: Sustainable Development Goals (SDGs), Climate Change, the Sustainable Energy for All initiative, Sustainable Cities and Sustainable Transport.
Other ‘core’ areas are: Natural Capital and Large Scale Ecosystems, Saving the Oceans, Food Security and Water for All.
The EBRD itself has been at the forefront of international efforts to promote sustainable energy, with almost 30 per cent of its total investments last year being in the field.
Since its launch in 2006, cumulative financing for the EBRD’s Sustainable Energy Initiative has reached over €9 billion in over 450 projects for a total project value of €46 billion.
The Bank recently announced plans to fund sustainable energy projects worth up to €25 billion over the next three years in the third phase of SEI.
The financing target from the EBRD’s own funds over the same period is up to €6.5 billion and the target range for the annual reduction of carbon emission is 26 to 32 million tonnes of CO2.
‘Rio +20’ is shorthand for the United Nations Conference on Sustainable Development which takes place two decades after the 1992 Earth Summit in the same city.
World leaders are expected to descend on the Brazilian city for the conference which, according to the UN itself, is ‘a chance to move away from business-as-usual and to act to end poverty, address environmental destruction and build a bridge to the future’.
The six MDB presidents to sign the joint statement are: Thomas Mirow of the European Bank for Reconstruction and Development, Donald Kaberuka of the African Development Bank, Haruhiro Kuroda of the Asian Development Bank, Werner Hoyer of the European Investment Bank, Luis Alberto Moreno of the Inter-American Development Bank and Robert Zoellick of the World Bank Group.
Last updated 19 June 2012
Learn how the EBRD's Sustainable Energy Initiative forms the cornerstone of our commitment to sustainable energy investments.