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Update to the methodology to determine the green finance attribution of EBRD investments

The Bank’s methodology for determining the green finance attribution of EBRD investments evolves with market developments, implementation experience, and stakeholder feedback. In this update the Bank presents a revised version of the methodology that supersedes the previous “Technical Guide – Implementing the Green Economy Transition” and its annexes, published in March 2024. The revisions reflect extensive engagement and discussions with a wide range of stakeholders, whose insights have been instrumental in shaping the updated approach. The Bank remains committed to reviewing and updating its methodology on a regular basis.

The methodology is a technical document that defines the principles and qualifying criteria for classifying EBRD finance as green. EBRD’s approach to attributing green finance of its investment is grounded in joint principles developed by the Multilateral Development Banks (MDBs) and the International Development Finance Club. The EBRD also adopts market-based green finance standards and taxonomies consistent with the joint principles as needed.

This update introduces substantial revisions, restructured content for clarity, while retaining the core principles of green finance attribution which has underpinned the Bank’s work in this area. The main updates are:

1. Improved communication and structure to aid understanding. The methodology is presented in a revised format. This structure defines the general application of the methodology that universally applies green finance principles and attribution steps, which is separated from specific guidance for sectors and financial instruments. External reference materials are distinguished from the EBRD’s own methodology details.

2. Alignment with latest market practices to improve robustness. This includes:

a. Strengthened and clarified green finance attribution routes based on use of proceeds approach.
b. Expanded attribution routes based on client commitments, particularly linked to outcome-based finance. c. Updated guidance provided for the Trade Facilitation Programme, supply chain finance, equity, funds and bonds.

3. Inclusion of nature finance to define scope and support scaling up the Bank’s work in this area. A new approach has been developed for attributing “nature finance”, informed by the work of the joint MDB Nature Working Group and discussions with other MDBs. Nature finance covers areas which were previously covered in “other environmental activities” for which a separate classification is now provided.

We recognise the importance of transparency and collaboration in refining our methodology and invite all stakeholders to provide their comments and feedback on the updated methodology. Your insights are vital to strengthening the robustness and effectiveness of our green finance commitments and will inform the Banks future work in this area.

The document is available for review on our website GET and Paris alignment page. We kindly request that you submit your feedback via email to GreenFinanceAttributionMethodology@ebrd.com by 21 November 2025.

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