Bank and global community stepping up effort to combat climate change
The European Bank for Reconstruction and Development (EBRD) joined other global development organisations in stepping up the momentum for global climate action at the One Planet climate summit in Paris today.
EBRD President Sir Suma Chakrabarti also told government leaders and other senior officials at the Paris talks that the Bank was expecting to meet its ambitious climate finance goals set at the 2015 Paris Climate Agreement three years ahead of time.
The EBRD is already dedicating close to 40 per cent of its annual investments to climate finance, a target it had initially expected to reach in 2020.
In Paris, the EBRD President unveiled plans to step up EBRD support for the promotion of green cities, launching the Green Cities Climate Finance Accelerator with the Global Covenant of Mayors for Climate and Energy (GCoM).
The GCoM is an international alliance of close to 7,500 cities and local governments united in their goal of promoting action to combat climate change and the move towards a low-emission and climate-resilient society.
Under the new partnership, the EBRD and the GCoM are seeking to drive climate action in up to 60 cities, including many that have not been a focus for climate support so far.
The EBRD also said it intended to invest up to US$ 100 million in “Amundi Planet – Emerging Green One”, a fund designed to become the world’s largest green bond fund and the first exclusively dedicated to emerging markets.
“Amundi Planet – Emerging Green One” was set up by Amundi, the leading European asset manager, in partnership with the International Finance Corporation (IFC), a member of the World Bank Group. It is the first fund focusing on investing in green bonds issued by private sector financial institutions.
Ahead of the Paris summit, hosted by French President Emmanuel Macron, the President Chakrabarti met the heads of other multilateral developments banks (MDBs) and members of the International Development Finance Club (IDFC) for talks.