24 September 2014: The European Bank for Reconstruction and Development (EBRD) is financing clean energy projects through its own investments, as well as through partnering with the Climate Investment Funds (CIF) and the Global Environment Facility (GEF). These funds aim to scale up climate finance by providing concessional funding and enhancing knowledge sharing and advisory support, which has increased commercial financing for sustainable energy investments.

The partnership, which is outlined in a document titled ‘EBRD Climate Finance Global Partnerships – Accelerating the Response to Climate Change,’ combines commercial project financing with donor support for grant co-financing, concessional funds and technical cooperation. Donor co-financing through the CIF and the GEF has enabled EBRD to implement projects more quickly and expand into new sectors, and move beyond its energy efficiency and renewable energy activities into climate change adaptation and technology transfer.

As of June 2014, the CIF had programmed US$483 million for the EBRD region and projects related to renewable energy, energy efficiency and climate adaptation, as well as policy dialogue, technical assistance and gender assessments in Kazakhstan, Tajikistan, Turkey, and Ukraine. EBRD has also been able to launch such projects as large-scale hydropower refurbishment and the overhaul of district heating systems in Kazakhstan and Ukraine.

The GEF has contributed over US$80 million to the EBRD to support technical cooperation and concessional co-finance for mitigation and adaptation activities, including regulatory reform and investments in technology transfer, and support for project preparation and implementation. Activities have also focused on capacity building among local stakeholders, feasibility and market studies, and environmental audits for developing sustainable energy markets. The GEF support has also enabled EBRD to increase energy efficiency in public buildings, invest in renewables, reduce transboundary pollution, and increase water and port infrastructure resiliency.

From 2006 until August 2014, EBRD has invested over US$19.5 billion in 833 energy efficiency, renewable energy and adaptation projects in 34 countries. Once fully implemented, these projects are expected to reduce annual greenhouse gas (GHG) emissions by over 67 million tonnees. [EBRD Press Release] [Publication: EBRD Climate Finance Global Partnerships – Accelerating the Response to Climate Change]