Over 30 years in the region, EBRD leads in green finance and policy support

By Rezo Bitsadze

The European Bank for Reconstruction and Development (EBRD) will take part in the 2024 United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, affirming its role as a leader in financing climate action and mobilising private sector finance across its economies.

In 2023 alone, the Bank provided over €6.5 billion(US$7.0billion) in green financing, 50 per cent of its total investment volumes.

Among MDBs, the EBRD is the number one private climate finance mobiliser. Last year, for every €1 invested in the green economy, the Bank mobilised over €3 from the private sector.

With COP29’s focus on accelerating climate finance, the EBRD will collaborate with fellow multilateral development banks (MDBs) to scale up national and private sector ambitions on climate targets, while helping to pave the way for greater private capital mobilisation.

The EBRD delegation to the conference will include President Odile Renaud-Basso, First Vice President Jürgen Rigterink, Vice President, Policy and Partnerships Mark Bowman and Managing Director Climate Strategy and Delivery Harry Boyd-Carpenter.

Harry Boyd Carpenter said: “Climate finance is central to this year’s COP. As a climate finance leader in our regions and the strongest mobiliser of private finance, we expect to launch significant green initiatives, sign major loan agreements and actively contribute to climate finance discussions.”

The EBRD is the largest institutional investor in the Caucasus and has worked in Azerbaijan for over 30 years. The Bank’s broader impact there includes €3.7 billion in investments through 190 projects.

These include the country’s first utility-scale solar and wind power plants, as well as sustainable infrastructure initiatives in Ganja, Azerbaijan’s second-largest city.