The pioneering role of the European Bank for Reconstruction and Development (EBRD) in promoting climate finance and green investments in 38 emerging economies will be on display at the United Nations Climate Change Conference, COP23, in Bonn, Germany, from 6-17 November.
Ever since almost 200 countries signed up to the 2015 Paris Agreement, committing to the fight against climate change by reducing greenhouse gas emissions and strengthening resilience, climate finance has become a focal point in private and public sector agendas.
This year, at the 23rd Conference of the Parties, the EBRD will engage with representatives of the public and private sectors in order to present its unique business model for addressing the global challenge of climate change. Bank representatives will take part in several events focused on climate finance, law and governance, research and innovation.
The EBRD will also hold sessions on the importance of fiscal management with regard to climate change, on technology transfer and adaptation and also on legal and institutional developments supporting the implementation of the Paris Agreement and the Nationally Determined Contributions (NDCs).
Since 2006, the EBRD has invested over €24 billion in some 1,400 projects that are helping to reduce CO2 emissions, by 87 million tonnes per year. And under the Bank’s Green Economy Transition approach, the EBRD aims to double the pace of its climate financing by 2020.
Please see below for events supported by the EBRD at COP23.
Measuring climate resilience: Emerging work of financial institutions on metrics for climate resilience and adaptation
Date: 09 November 2017
Location: EU Pavilion, Bonn Zone, Bonn, Germany
Organiser: European Financing Institutions Working Group on Adaptation to Climate Change (EUFIWACC*)
The need for global action on adaptation to climate change is becoming more urgent as countries work to meet the requirements of the Paris Agreement. As a result, a great responsibility rests with financial institutions to provide the resources for adaptation to climate change.
As the volumes of adaptation finance increase year by year, the need for robust metrics to report the results of this financing also increases. These metrics are vital for determining the real outcomes and impacts of climate resilience projects.
EUFIWACC, together with S&P Global, will discuss the role of financial institutions’ funding in climate change. They will also look at the need to develop innovative approaches for metrics that could be used to express the contribution that their financing makes to climate resilience.
Nancy Saich – Senior Climate Change Expert, European Investment Bank
Presentation: “Recent work by the Multilateral Development Bank Climate Finance Group on common principles for climate resilience metrics”
Bertrand Reysset – Senior Climate Adaptation Expert, Agence Française de Développement
Presentation: “Perspectives from bilateral development finance institutions including the International Development Finance Club”
Miroslav Petkov – Head of Financial Services Environmental and Climate Risk Research, S&P Global
Presentation: “How S&P assesses the resilience benefit of adaptation projects”
Craig Davies – Head of Climate Resilience Investment, European Bank for Reconstruction and Development
Presentation: “Pilot work on climate-resilience outcome metrics for investment”
Ismo Ulvila – European Commission (DG CLIMA), member of the Standing Committee on Finance of the United Nations Framework Convention on Climate Change and co-chair of the 2017 SCF Forum
* Members of the European Financing Institutions Working Group on Adaptation to Climate Change are: Agence Française de Développement, Council of Europe Development Bank, European Bank for Reconstruction and Development, European Commission (DG CLIMA), European Investment Bank, KFW and the Nordic Investment Bank.
Please contact Craig Davies.
Achieving the Paris Agreement through a Green Economy Transition: Fiscal risks and opportunities
Date: 09 November 2017
Location: IETA Pavilion, Bonn Zone, Bonn, Germany
The global transition to a green economy will involve a significant transformation in how we produce and use energy. The implications of this transition to a lower-carbon economy will include lower fiscal revenues from fossil fuels, either due to explicit carbon pricing or to lower prices for fossil fuels. In addition, there will potentially be new revenues from a green economy. Given that approximately 70 per cent of fossil fuel reserves worldwide are owned or controlled by governments, these implications are particularly relevant for the value of fossil-fuel related assets, as well as for the fiscal position of governments.
Understanding the fiscal risks and opportunities of the transition to a green economy is an innovative area of research and will be the topic of this EBRD session.
The EBRD is currently working with the governments of Egypt and Kazakhstan to better understand these risks and opportunities. At this “Green Economy Transition” event, the Bank’s representatives will discuss with a distinguished group of speakers the findings that are emerging from its work in Egypt and Kazakhstan, and the implications for other economies.
Through planning and risk-management it is possible to effectively manage the fiscal risks and exploit the emerging opportunities. Indeed, it is possible to simultaneously promote a green economy and secure new sources of revenue for government.
Bakhyt Sultanov – Minister of Finance, Kazakhstan (tbc)
Simon Buckle – Head, Climate Change, Biodiversity &Water Division, OECD
David Hone – Chief Climate Change Advisor, Shell
Amal Larlid – Director, Global Fiscal Policy Advisory, PwC
James Close– Director, Climate Change, World Bank Group
Mattia Romani – Managing Director, EBRD
From early movers to critical mass: How to build a market for climate technologies
Date: 9 November 2017
Location: IETA Pavilion, Bonn Zone, Bonn, Germany
The EBRD is presenting two of its most valuable programmes for implementing new technologies to address climate change: the Finance and Technology Transfer Center for Climate Change (FINTECC), and the Green Climate Fund (GCF)-EBRD Renewable Energy Financing Framework.
FINTECC has been in operation since 2014 and promotes the use of advanced technology by rewarding early movers in markets where there are major barriers to the deployment of innovative low-carbon technology. The programme’s success is based on a combination of capital investment grants, policy dialogue and technical assistance.
The GCF-EBRD renewable energy financing frameworks in Egypt and Kazakhstan aim to support large-scale implementation of renewable energy in these two countries. This is done by blending EBRD and GCF financing and leveraging additional debt financing from international and development financial institutions. In future, this additional debt financing will also be leveraged from commercial banks, as well as private sector investors. The frameworks enhance the integration of renewable energy, policies and planning through a comprehensive programme of technical assistance and policy dialogue.
Josué Tanaka - Managing Director, Energy Efficiency and Climate Change, EBRD
Jiwoo Choi - Department Head of the Private Sector, GFC
Mohamed Nasr - Director Of Environmental Affairs at Egyptian Ministry of Foreign Affairs
Harry Boyd-Carpenter- Director for Power and Energy Utilities, EBRD
Gianpiero Nacci- Director for Sustainable Resources Investment, EBRD
Moderated by: Jan-Willem van de Ven, Associate Director, Head of Climate Finance & Carbon Markets, EBRD
Please contact Astrid Motta.