In our discussion, Mark Campanale (Carbon Tracker Initiative), Sean Kidney (Climate Bonds Initiative) and Aleksandar Macura (Serbian energy expert) joined Bankwatch EBRD coordinator Fidanka Bacheva McGrath to discuss the economic implications of fossil fuel lending by the European Bank for Reconstruction and Development and point out ways for the bank to unite climate reason and market logic in its energy portfolio.
Between 2006 and 2011, the European Bank for Reconstruction and Development directed 48 percent of its overall lending portfolio, or 2.3 billion euros, to fossil fuel projects. Currently, the bank is reviewing its energy lending policy.
Given the urgency of climate change and the increasing global pressure for a low carbon transition, can the EBRD still be a market driver if it continues support for coal, a resource whose time has passed? Would it be better advised to position itself as a leader in the market for renewable energy and energy efficiency?
Our panel of experts will discuss the current energy policy review at the EBRD within the broader international context and propose options for the bank moving forward based on the realities facing EBRD countries of operation in the energy sector.
Participants in the Google hangout will make brief presentations followed by a discussion moderated by David Hoffman, media coordinator at Bankwatch.