CEE Bankwatch Network comments on the EBRD’s draft GET 2.0

Policy comments    |    3 June 2020

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In order to address the ongoing climate emergency, the EBRD urgently needs to commit to halting fossil fuel lending, as the EIB did in 2019. There is no more room for investing in fossil fuel infrastructure. All efforts must now go towards sustainable decarbonisation and energy savings. Throughout the EBRD’s GET II documentation, the term “low-carbon” needs to be replaced with “carbon neutral” or “zero carbon”. The EBRD should also explicitly recognise and mention the shortcomings of existing NDCs – on the global level they would not allow the 1.5​ o​ C goal under Paris Agreement to be achieved – and thus commit to go beyond existing NDCs. As a primarily European-owned bank such as the EBRD would be among the first to adopt EU Taxonomy criteria on sustainable investments once it is officially adopted.