The European NGO coalition Counter Balance has recently published a short overview of the new energy policies now in place at the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB). Both banks' new policies were finalised towards the end of 2013 following extensive consultation with stakeholders from the energy sector, civil society and academia.
At a closer look the EBRD's new energy strategy, complimented for the restrictions it places on coal lending, reveals a shocking lack of operational knowledge to implement the ambitions outlined in its executive summary.
The European Bank for Reconstruction and Development (EBRD) approved today during a vote of its Board of Directors a new Energy Strategy. The document is meant to give guidance on how to strategically use the bank’s resources over the next years to promote energy security and affordability and avoid dangerous climate change.
With the United Kingdom, another major shareholder of the European Bank for Reconstruction and Development is divesting from coal overseas. What does this mean for the upcoming decision on the EBRD’s energy strategy?
Warsaw – Actions are being organised today in several European capitals to protest the attendance of the European Bank for Reconstruction and Development at the International Coal and Climate Summit, organised by the World Coal Association in parallel to the United Nation's climate conference in Poland.
Air pollution levels in Beijing and other major Chinese cities have been making headlines, when millions of people were confined to their homes for several days to avoid the most drastic impacts on their health. For the longest time now the world believed that China would forever continue to build its infamous ’one new coal-fired power station per week’. China, however, is starting to rethink its course on coal: In September 2013 the Chinese government announced a cap on coal consumption in three economically important provinces.
The European Bank for Reconstruction and Development, the last of three multilateral international financial institutions (IFIs) to undertake a revision of its energy lending this year, is scheduled to adopt a new energy policy on December 10. The EBRD’s policy review process follows similar reviews at both the European Investment Bank and the World Bank that have seen both institutions introduce conditions intended to restrict their respective lending to coal projects.
Brussels – As the European Bank for Reconstruction and Development today closes the public consultation period on its upcoming energy strategy, a coalition of the ten largest environmental organisations working at the European level, the Green 10, is calling on the bank to phase out fossil fuels from its future lending, beginning with coal, and to rule out lending to risky energy sources, such as nuclear and shale gas.
Bankwatch's detailed comments on the draft energy sector strategy of the European Bank for Reconstruction suggests the introduction of an emissions performance standard at the level of 350 gCO2/kWh for the bank's fossil fuel lending. It also contains comments on other energy sources, carbon markets, energy systems, carbon capture and storage, nuclear safety, and in an additional annex it lays out sustainability criteria for hydropower development.
In our full comments on the draft energy sector strategy of the European Bank for Reconstruction Bankwatch suggests the introduction of an emissions performance standard at the level of 350 gCO2/kWh for the bank's fossil fuel lending. This document summarises the most important points made and a collection of most recommendations.