EBRD hails new era as Paris climate accord comes into force

By Anthony Williams

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EBRD hails new era as Paris climate accord comes into force

The European Bank for Reconstruction and Development (EBRD) welcomed a new era in the global battle against climate change today as the historic Paris climate agreement came into force.

The accord became operational on 4 November just days before the start of the COP22 international climate talks in Marrakesh where the implementation of the Paris Agreement will be a major focus.

“This is a very important development. The international support for the Paris Agreement – and the momentum that has made it effective even earlier than expected – shows that the world is now firmly on a path to taking a determined stand against climate change,” said EBRD President Sir Suma Chakrabarti.

However, he warned that the real work was now only just beginning. “We have all made pledges on how to deal with climate change. Now we have to deliver.”

The EBRD will host a series of high-profile events at COP22 in Marrakesh. Senior EBRD representatives will also participate in other events during the 7-18 November conference, sharing the experiences of the Bank as a major provider of climate finance and climate expertise across 36 countries in three continents.

The EBRD took part in the United Nations Conference on Climate Change, COP22, in Marrakesh, Morocco.

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The EBRD’s sessions will include a discussion of the legal requirements that will help the planet move towards a low-carbon future. There will also be a debate on how to bring private finance to the challenge of combating climate change in the agricultural sector.

With the 2016 climate talks taking place in Africa, there will be a focus on the EBRD’s southern and eastern Mediterranean (SEMED) region, which includes Egypt, Jordan, Morocco and Tunisia. The Bank will present its programme to develop private renewable energy markets in these SEMED countries.

The EBRD’s particular strength is engaging with the private sector – including the private financial sector – to address the global challenge of climate change.

Other sessions in Marrakesh will include discussions on climate finance and carbon market policies and on the implementation of low-carbon solutions in cities across the EBRD’s region of operations.

The EBRD has long placed a high priority on delivering climate finance, having already invested over €20 billion in some 1,160 green energy projects worth a total of more than €112 billion since 2006.

As its contribution to the Paris Agreement, the EBRD joined other multilateral development institutions in pledging to scale up its green financing. Under the Bank’s new Green Economy Transition approach, approved in 2015, it aims to dedicate 40 per cent of its total annual investments to green finance by 2020, compared with an average of around 24 per cent in recent years.

Since the EBRD began working in the SEMED region in 2012, it has invested more than €1 billion there in around 45 green projects.

Most recently the Bank provided financing for the construction of a new wind power plant in southern Jordan.

The EBRD has been supporting Jordan’s renewable energy programme since 2012, including the development of solar photovoltaic power plants.

Please find the link to the full list of EBRD-related events, here.

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