The Sustainability Report 2022 explores the many ways in which the European Bank for Reconstruction and Development (EBRD) has worked over the course of the year to prepare its regions for a stronger, more resilient and sustainable future.
The EBRD has made addressing climate change and increasing green finance strategic priorities. This chapter details what the Bank is doing to help reduce the world’s dependence on hydrocarbons and scale up renewable energy.
The EBRD has now aligned all its new activities with the goals of the Paris Agreement. Referred to as “Paris alignment”, this means making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. More details can be found in this chapter.
In December 2022, the EBRD set out how it will determine whether an investment or technical cooperation project it might finance is “aligned” or “not aligned” with the mitigation and adaptation goals of the Paris Agreement. The EBRD sought feedback on all aspects of its methodology over the course of 2021 and 2022, including through two public consultations. It will continue to consult during implementation.
One of the Bank’s aims is to build green, low carbon and resilient economies. By helping financial intermediaries adopt E&S practices, promoting the use of green technologies and investing in green financial instruments, the EBRD is contributing to a more sustainable future.
In 2022, the EBRD launched the GEFF Türkiye, which can provide up to €500 million to local participating financial institutions for on-lending to both women- and men-led Turkish businesses, homeowners, vendors and producers to invest in high-performing green technologies and investments.
Over the past 15 years the EBRD has been increasing its green financing commitments, with 50 per cent of the Bank’s Annual Business Investment being channelled into the Green Economy Transition initiative in 2022. This chapter looks at what impact this investment has had in the economies where the Bank invests.
Biodiversity is essential for life on our planet and so needs to be restored and protected. Over the past year the Bank has been working with other MDBs to explore areas such as biodiversity gains in infrastructure, nature-related finance and how to reverse marine environmental degradation through the blue economy.
The work that the EBRD undertakes inevitably affects the people and environments around it, be it negatively or positively. In this chapter we look at how the Bank has been promoting gender equality and inclusion, engaging with civil society and working to protect human rights, particularly in light of the war on Ukraine.
The EBRD provides training to clients, consultants and its own staff on specific human rights challenges, risks and impact mitigation. Bespoke training was offered to clients in the SEMED region, Georgia and Türkiye in 2022.
The EBRD is committed to ensuring that health and safety considerations in all its activities and regions evolve along with the green agenda. This section offers a round-up of the Bank’s work to improve the safety of working environments, and how it is contributing to the fight against antimicrobial resistance, one of the major public health threats facing humanity.
In 2022, the EBRD continued to collaborate on health and safety issues with financial and other institutions. Coordination with other MDBs and engagement with unions focused on aligning approaches for greater road safety and worker health and safety.
With the Bank moving its London headquarters to Canary Wharf, it had the perfect opportunity to create a working space that fostered collaboration, inclusion and staff well-being. The new building reflects the culture of the EBRD, which also updated its Diversity and Inclusion Policy in 2022.
This year the EBRD moved its London headquarters from Exchange Square in the City of London to Canary Wharf. More than 2,900 of its London-based staff have now relocated to Five Bank Street, occupying the top section of a 26-storey building.
The EBRD issues a range of green and social bonds that help to illustrate and support the environmental and social aspects of its mandate. Find out more about these bonds and the impacts the supported projects are expected to have.
With the climate emergency very much in focus, there has been growing global recognition of the importance of Green Bond markets as a means to finance environmental projects generally and climate transition investments, in particular.
This section gives an overview of the EBRD’s policies, the upcoming review of its Environmental and Social Policy, how projects are assessed for their green credentials and the approach the Bank takes to performance monitoring.