THE European Bank for Reconstruction and Development (EBRD)continues its leading role in green financing and devoted 36% of its total investments in 2018 to the green economy. They are well on the way to their target of dedicating a 40% share of investments to the green economy by 2020.

The EBRD has quadrupled the size of its Green Cities programme in support of environmentally friendly municipal investments to almost €1 billion.

Cities represent one of the greatest opportunities to address climate change and environmental degradation since they account for 70% of energy use and 80% of greenhouse gas emissions.

The EBRD Green Cities programme addresses challenges that are particularly urgent in the regions where the Bank operates. In many cases, obsolete urban infrastructure is severely affecting the quality of life of citizens, increasing greenhouse gas emissions, and preventing communities from adapting to climate change.

EBRD Green Cities grew in 2018 after a first €250 million of funding, designed to last five years, was mostly committed within just two years. In October, the EBRD approved a further €700 million of funding, expanding the number of cities that can be supported.

The EBRD’s Green Economy Financing Facility (GEFF), which supports businesses and homeowners wishing to invest in green technologies, launched the Technology Catalogue, an online shopping-style platform designed to make it easier for vendors of green technologies to connect with customers. The initiative’s objective is to encourage technology manufacturers and local vendors to make climate technologies more readily available on the ground.

The Bank overcame significant economic challenges in a number of countries to maintain their level of investment and backing for reforms in 2018. It financed 395 projects worth a total of €9.5 billion, very close to the 2017 record of €9.7 billion. For 2019, the EBRD set ambitious goals in support of the global development agenda, with climate finance a major component.