EBRD sets new milestone in renewable energy financing
October 18, 2017
The European Bank for Reconstruction and Development (EBRD) has set a new landmark in its global climate response: financing well over 1 GW of new renewables capacity in 2017 with an expected reduction in CO2 emissions of 2 million tonnes a year.
“Renewables is a sector where the EBRD is making a major contribution,” said the EBRD’s Managing Director for Energy and Natural Resources, Nandita Parshad. “It plays to our strengths of galvanising private sector expertise in combination with support for reforms that incentivise investments in new green technology.”
The EBRD is completing two important renewable projects this week with financing in Egypt for the largest solar site in Africa and in Serbia for the country’s largest wind farm. Other investments this year have included important projects in Mongolia, Greece and Turkey, all countries with a legacy of fossil fuels and in most cases coal and lignite-based power systems.