Climate Initiatives Special Study

Recognition of climate change as a major global public policy challenge has grown since key concerns were raised in 1992. The G8 elevated the importance of climate change in 2005 and there have been a series of international initiatives since that time. In 2015 developed countries were urged to mobilize US$100bn annually by 2020 and a comprehensive framework was agreed in Paris based on enforceable country-level commitments to carbon targets.  Against this backdrop EBRD substantially increased the strategic priority to be given to work on sustainability and, more specifically, climate.  This evaluation reviews the main climate initiatives in terms of strategic objectives, operational focus and instruments, organization arrangements, portfolio structure, and performance. It confirms that EBRD has initiated major steps on an institution-wide basis to respond to shareholder directions.  At the same time, the evaluation also confirms opportunities to strengthen existing approaches and the pressing need to improve processes. This includes much improved clarity as to priorities and objectives, particularly with respect to results; a more systematic and transparent approach to allocating resources; and, building capacity to assess actual results in accordance with country needs.