The Green Economy Transition (GET) 2021-25
The Green Economy Transition (GET) 2021-25 is the Bank’s new approach for helping economies where the EBRD works build green, low carbon and resilient economies. Through the new GET approach, the EBRD will increase green financing to more than 50 per cent of its annual business volume by 2025. It also aims to reach net annual GHG emissions reductions of at least 25 million tonnes over the five-year period.
The new GET approach takes into account the context brought about by COVID‐19 highlighting areas of opportunity to support a green recovery. It also builds on the EBRD’s long track record of financing green investments. To date, the EBRD has signed €36 billion in green investments and financed over 2,000 green projects, which are expected to reduce 104 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 2021-2025 adopts a systemic approach in supporting the transition to low-carbon and resilient economies. It does this by:
Assessing projects in relation to the principles of international climate agreements, principally the Paris Agreement;
enhancing policy engagement for the development of long‐term low carbon strategies and greening of financial systems; and
scaling investments across a set of priority environmental, climate mitigation and resilience theme, including: greening the financial sector, energy systems, industrial decarbonisation, cities and environmental infrastructure, sustainable food systems, green buildings and sustainable connectivity.
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.
Solar and wind projects in Jordan and Egypt have reduced energy costs and dependence on hydrocarbons.