The FINANCIAL -- The European Bank for Reconstruction and Development (EBRD) has joined the NDC Partnership which has been set up to help deliver the global climate pledges of the Paris Agreement.
The NDC Partnership is a coalition of developing and developed countries and international institutions working together to ensure countries receive the technical and financial support they need to achieve climate and sustainable development goals as fast and effectively as possible. The NDCs were the Nationally Determined Contributions of individual countries, the pledges on climate change that they made as they signed up to the Paris Agreement, according to EBRD.
The NDC Partnership was launched on 15 November during the United Nations COP22 climate conference in Marrakesh, Morocco, the follow-up meeting to the 2015 event which delivered the Paris accord.
“This is a key step in translating the Paris Agreement into action and results on the ground. Through its Green Economy Transition approach the EBRD will contribute its technical, policy and financing capacity to help its countries of operations develop and achieve their NDCs,” said Josue Tanaka, EBRD Managing Director, Energy Efficiency and Climate Change.
Much of the discussion in Marrakesh – dubbed the Implementation COP – has centred on ways of putting into practice the Paris vision of a sustained worldwide effort to tackle global warming.
As its contribution to the Paris Agreement, the EBRD unveiled a Green Economy Transition approach which aims to increase the share of the EBRD’s annual investments to 40 per cent by 2020.
This will accelerate the pace of climate finance provided by the EBRD, which over the last 10 years has invested over €21 billion in some 1,160 green energy projects worth a total of more than €112 billion.
The EBRD is a leading player in the renewable and energy efficiency field, working primarily with the private sector and helping to inject private finance and expertise into the global climate response.
Through its Sustainable Energy Financing Facilities (SEFFs) the Bank delivers green energy projects via the banking systems of some 24 EBRD countries of operations.
In addition, through its FINTECC (Finance and Technology Transfer Centre for Climate Change) programme, the EBRD helps to promote the transfer of climate technology to developing countries and countries in transition, providing both finance and technical support.