Briefing for members of European Parliament on the subscription by the EU of additional shares in the EBRD

Dear MEP,

We would like to call you to vote in favour of Mrs. Bowles’s report (PE462.517) on the subscription by the EU of additional shares in the European Bank for Reconstruction and Development (EBRD) and the compromised amendments to it.

The we are delighted to see that the ECON Committee is paying significant attention to the Bank’s accountability, transparency and coherence with EU priorities. Our analyses show that a number of EBRD investments go against EU priorities and climate commitments. In fact EBRD lending for fossil fuel-based projects increased significantly between 2006 and 2009, while the post-communist region is one of the most carbon intensive in the world. In view of this, it is crucial that the bank prioritises investments that help reduce carbon intensity and increase the share of renewable energy in our economies.

Therefore we also find the recommendations extremely useful regarding the expansion of the EBRD’s operations both financially and in terms of geographical coverage.

We appeal for your support for:

• greater accountability and transparency of the EU Executive Director for the projects and policies adopted by the EBRD
• improved transparency about beneficiaries of loans distributed through financial intermediaries and tighter controls to prevent the use of tax havens and secrecy by beneficiaries
• mobilizing Bank resources for energy efficiency and phasing out fossil fuel investments

We would like to thank you in advance for taking our request into consideration.