European Bank for Reconstruction and Development in Canary Wharf. Credit: Shutterstock.com

The European Bank for Reconstruction and Development (EBRD) is set to reveal its green transition plans during COP28, the international climate conference being held in Dubai.

EBRD President Odile Renaud-Basso said that the announcement will outline the bank’s funding strategies that align with other Multilateral Development Banks (MDBs) and build upon years of substantial climate finance efforts.

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As part of this commitment, the MDBs, including EBRD, will issue a joint statement during COP28, coinciding with the launch of a Long-Term Strategies Programme. This program aims to articulate their shared ambition and address climate challenges collaboratively.

One noteworthy aspect of EBRD’s commitment involves providing debt deferral to sovereign, sovereign-backed, and municipal clients in the event of extreme climate-related events. This initiative is part of the bank’s broader goal to support the green transition in the countries it serves. The EBRD intends to achieve this by leveraging country-led platforms that bring together national and international stakeholders with private-sector finance.

EBRD President Renaud-Basso highlighted the role of Multilateral Development Banks in fostering and multiplying ambitious climate goals. The aim is to instil confidence in countries of operation, assuring them that MDBs will offer support in navigating the challenges and seizing the opportunities associated with sustainable transition.

Furthermore, the EBRD, during its presence in Dubai, will announce plans to incorporate climate-related debt clauses into loan agreements with sovereign, sovereign-guaranteed, and municipal clients from lower- and middle-income countries. This move is designed to enable debt deferral on pre-agreed terms following extreme climate-related events, providing clients with a crucial buffer to recover from loss and damage.

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In addition to collaborative efforts with other MDBs on shared principles related to nature and biodiversity, set to be unveiled at COP28, the EBRD anticipates introducing its distinct approach to nature during the summit.

Harry Boyd-Carpenter, EBRD’s Managing Director for Climate Strategy and Delivery, said that the bank’s central ambition revolves around securing finance and investment to drive meaningful climate action.