The Green Economy Transition (GET) approach is the Bank’s strategy for helping countries where the EBRD works build low carbon and resilient economies. Through the GET approach, the EBRD will increase green financing to 40 per cent of its annual business volume by 2020.
To date, the EBRD has signed €34 billion in green investments, financed over 1900 green projects which are expected to reduce 102 million tonnes of carbon emissions yearly. In 2019 alone, the Bank financed over 2.2 GW of new renewable power capacity, and aims to exceed that in 2020.
GET investments range from renewable energy projects in Egypt to energy efficiency investments in Ukraine’s corporate sector. They also include interventions in sustainable transport in Eastern Europe, waste minimisation projects in Turkey, and investments that improve the climate resilience of our clients in Central Asia.
Most EBRD countries are middle-income economies in political, economic and social transition. As with any transition, this implies many challenges, including global competitiveness, demographic change, and energy security.
Carbon intensity and climate vulnerability are also key issues for EBRD countries. The regions’ carbon intensity is almost five times higher than the EU average, and EBRD countries are particularly vulnerable to the impacts of climate change.
As high carbon economies, these countries face significant pressures on their environmental assets – including land, soil, water, air and biodiversity—thus posing a risk to the health and livelihood of their citizens.
The GET approach builds on more than two decades of EBRD experience in financing green investments, with an initial focus on energy efficiency and renewable energy.
The GET approach uses the full range of the EBRD’s financial instruments. We also work closely with donors such as Climate Investment Funds, the European Union, the Global Environment Facility, the Green Climate Fund and other bilateral donors to mobilise climate finance for our clients. In addition, we have developed a range of dedicated programmes to promote green investments.
Along with funding green investments, we also work closely with our countries and private sector partners to create enabling environments needed for sustainable investments.
This includes supporting countries through our Nationally Determined Contributions (NDCs) Support Program, working with governments to support the development of strong institutional and regulatory frameworks, and collaborating with industry associations to develop low carbon sector pathways.
The GET approach is aligned with the Sustainable Development Goals and the Paris Agreement, and is delivered through the EBRD’s unique business model, and its sector and country strategies.
Solar and wind projects in Jordan and Egypt have reduced energy costs and dependence on hydrocarbons.