EBRD offsets own carbon emissions for first time

By Vanora Bennett

The 77 MW Edincik Wind Power Project is located on the southern coast of the Sea of Marmara at Bandırma in Balıkesir province, Turkey

The 77 MW Edincik Wind Power Project is located on the southern coast of the Sea of Marmara at Bandırma in Balıkesir province, Turkey.

  • EBRD starts offsetting emissions from own operations including flights
  • Bank has been offsetting emissions from its Annual Meetings since 2013
  • EBRD is a leading climate financier in its regions.

Setting a pattern for the future, the EBRD has started offsetting greenhouse gas emissions from its own operations, including office buildings and flights by purchasing carbon credits from a renewable energy project it financed earlier.

After six years of offsetting emissions which resulted from the Bank’s annual meetings, the EBRD has now also offset its emissions generated by its London headquarters and over 40 regional offices as well as CO2 emissions resulting from business-related travel of its staff during 2017.

To offset these emissions, the EBRD purchased carbon credits from a Gold Standard certified Turkish renewable energy project, the Edincik wind farm. The 77 MW Edincik Wind Power Project is located on the southern coast of the Sea of Marmara at Bandırma in Balıkesir province, Turkey. The wind farm was financed through Işbank, a local partner bank of the EBRD’s credit line for medium-sized sustainable energy projects in Turkey (MidSEFF).

In December 2018, the EBRD was one of nine multilateral development banks (MDBs) to pledge to work together in six key areas to align their own activities with the goals of the 2015 Paris Agreement.

The EBRD provides climate finance under its Green Economy Transition approach, and has committed over €26 billion to projects promoting sustainable energy and resource use since 2006.