Delivering green change
EBRD President marks fifth anniversary of Paris Agreement
As the Paris Agreement on combating climate change marked its fifth anniversary this week, EBRD President Odile Renaud-Basso reflected on the consequences the Bank has drawn from the accord. Since Paris the EBRD has massively increased its contribution to building green, low carbon and resilient economies in its countries of operations. With its new five-year plan the Bank follows an even more ambitious goal to become a majority green bank by 2025.
The Bank also highlighted the fifth anniversary of the Paris Agreement with a video and stories on Instagram
Getting ready for COP26
While the Paris Agreement was the result of the 21st Conference of the Parties of the UNFCCC, preparations for the next meeting in November next year in Glasgow (Covid-permitting) are already in full swing. The first meeting of the so-called COP26 Energy Transition Council brought together senior representatives from 21 countries and leaders of international organisations. The EBRD was represented by Managing Director, Sustainable Infrastructure Group, Nandita Parshad.
EBRD joins efforts to boost coal transition in Western Balkans and Ukraine
The EBRD joined other international organisations in the Platform Initiative in Support of Coal Regions in Transition in Western Balkans and Ukraine. In a launch event participants like the World Bank and the European Commission agreed to unite forces in advancing transition from coal towards a low-carbon and climate-resilient future in the Western Balkans and Ukraine.
EBRD on carbon markets and net-zero future
The EBRD published a paper this week that examines the importance of finding the most cost-effective action to abate carbon emissions, and to increase the role of private finance in doing so. The publication is particularly relevant at a time when the global Covid-19 pandemic is straining public finances and fueling a rise in government debt.
EBRD marks Anti-Corruption Day
On the occasion of the International Anti-Corruption Day on 9 December, the EBRD Office of the Chief Compliance Officer hosted a webinar with the renowned journalists Misha Glenny and Tom Burgis. Following a keynote by EBRD President Odile Renaud-Basso, the panellists explored how corrupt individuals continue to exploit the international financial system and what could be done to stem the flow of illicit money.
“Decade of Action” for delivery of Sustainable Development Goals
The beginning of January 2021 will mark the start of a “Decade of Action” for the delivery of the United Nations’ 2030 Sustainable Development Goals. Led by the Islamic Development Bank, eleven multilateral development banks (MDB) and the IMF published a joint report this week describing their efforts to meet these targets. The report also acknowledges the additional challenge posed by the coronavirus pandemic and states that by mid-2021 the MDBs will have provided $230 billion to reduce the impact of the pandemic.
EBRD President Odile Renaud-Basso noting the urgency of making progress in achieving climate goals to deliver the 2030 Agenda. IMF Managing Director Kristalina Georgieva warmly welcomed Mrs Renaud-Basso as new member of the “MDBs for SDGs” group and the first woman-President of the EBRD.
Green buses for Ankara
In Turkey, the EBRD is supporting Ankara’s public transport company EGO with a €57.1 million loan aimed to replace polluting diesel buses with 254 compressed natural gas (CNG) buses and install a CNG filling station. The agreement confirms Ankara as the 44th member of EBRD Green Cities, the Bank’s flagship urban sustainability programme.
Advancing Egypt’s private-to-private renewable energy
In Egypt, the EBRD is promoting the expansion of renewable energy by supporting one of the country’s first green private-to-private projects with an initial US$ 4.2 million loan to TAQA PV for Solar Energy, TAQA Arabia’s renewable energy subsidiary.
EBRD local currency lending to National Bank of Moldova
In Moldova, local currency loans will become available to viable local businesses thanks to a joint project of the EBRD and the National Bank of Moldova. The EBRD secured reliable access to leu liquidity in the form of swap transactions up to a total of US$ 30 million and will continue local currency lending to companies to help them mitigate risks related to currency exchange fluctuations as well as the coronavirus pandemic.
OTP Bank in Albania receives EBRD loan to aid local SMEs
In Albania, the EBRD is helping to improve the competitiveness of small and medium-sized enterprises with a €5 million loan to OTP Bank Albania. The programme is part of a wider EBRD-EU initiative aimed to support small busineses across the Western Balkans.
Supporting Ukrainian businesses via OPT leasing
Turkmen tomato producer receives US$ 2.5 million support from the EBRD
In Turkmenistan, the EBRD is supporting the expansion of the tomato producer Agromar with a US$ 2.5 million loan for expansion of production facilities and increase exports. The loan is supported by the EBRD’s Finance and Technology Transfer Centre for Climate Change (FINTECC) programme and financed by the Global Environmental Facility (GEF).
First photovoltaic private-to-private power purchase agreement in Egypt
The EBRD and the European Union are helping SolarizEgypt to unlock Egypt’s massive energy potential. The independent power producer sells electricity to the private sector. One example of the company’s activities was the installation of a rooftop photovoltaic system for the Coca Cola Company.
Kazakh pharmacy advances delivery
The EBRD and Kazakh government have joined forces in supporting Atamiras, a wholesale pharmacy business in Shymkent, the country’s thirst largest city. The company is now able to boost its efficiency through warehouse automation and cope with the pressures caused by the coronavirus pandemic.
EBRD and EU help Ukrainian internet provider grow
IT-INVEST, an internet provider from Ukraine, eases socially distanced life in Kryvyi Rih, an industrial town in central Ukraine with a population of 630,000. Together with the EU, the EBRD helped the company ensure interrupted internet access in the city and to expand its business.
EBRD and Greece establish new PPP facility
The EBRD is joining forces with the Ministry of Development and Investments of Greece to establish a new public-private partnership (PPP) preparation facility cooperation account, following a request from the Greek authorities.
EBRD in the news
EBRD President sets out strategy
In an interview with the Financial Times, EBRD President Odile Renaud-Basso spoke about the Bank’s strategies in its most challenging countries of operations. She stated that the Bank’s focus on private-sector lending helped strengthen civil society against repressive regimes. The Bank, she said, wanted to “help countries move in the right direction.”
Green Transformation in Poland
Grzegorz Zieliński, EBRD Regional Director Central Europe and Head of Poland, spoke to Poland’s daily Dziennik Gazeta Prawna about the country’s green transformation. He noted that over 60 per cent of the EBRD 's financing in Poland is now green-focused. “Renewable energy sources are the most obvious direction, but we need to clarify how to finance energy efficiency in every area of the economy”, he said.
Romania’s booming stock market
Romania’s leading business daily Ziarul Financiar spoke with EBRD Principal, Capital Markets Development, Razvan Dumitrescu, about the boom of the country’s stock market. He underlined the EBRD’s readiness to support companies tapping capital markets. In the past five years, the EBRD backed 11 bond issues and invested in three listings in Romania, he said.
Farewell, Cyprus – we are (not) leaving
In an interview with the Cyprus News Agency CNA, the EBRD Regional Head of Greece and Cyprus Andreea Moraru said farewell to the Island after six years of successful engagement. However, while the EBRD will close its operations in Cyprus by the end of the year, it will remain a shareholder in Bank of Cyprus for the time being. She also noted the Bank was confident that growth will rebound in Cyprus after the current coronavirus crisis.
Supporting renewable energy in Turkey
Sule Kilic, EBRD Deputy Director for Turkey, spoke to the state news wire service Anadolu Agency about Turkey’s growth in renewable energy. She said that a well-designed support mechanism will be key to mobilising more investments to the sector after the current scheme ends on June 30 next year.
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