On the occasion of its 30th anniversary, EBRD has the opportunity to help avert climate breakdown by putting itself at the heart of the global transition to a carbon-free economy. We sent a joint statement to the EBRD together with numerous other organizations providing recommendations on how it can become a fossil free EBRD.
We, the undersigned civil society organizations, call on the bank’s management and shareholders to make a clear and ambitious announcement regarding the decarbonisation of the EBRD portfolio, on the following points:
- The EBRD must stop financing oil and gas projects.
- The EBRD should divest from companies that hold coal, oil or gas assets themselves or through entities they control:
- Have annual hydrocarbons production (Coal, Oil, Gas, Condensate, Natural Gas Liquid) higher than 20 mmboe, or
- Operating, constructing or planning fossil fuels pipelines longer than 100 km and LNG terminals with a combined capacity higher than 1 Mtpa, or
- Operate combined fossil fuel power capacity higher than 100 MW, or planning to increase their existing capacity.
- The EBRD should demand decarbonisation plans as a condition of investing in or lending to companies, which themselves or through entities they control, currently rely on fossil fuels for their operations.
- The EBRD must entirely exclude support for large-scale forest biomass.
- This must likewise exclude indirect support to fossil fuels and utility-scale biomass production through related infrastructure, advisory services, technical assistance, or financial intermediaries.
It’s time to stop pouring fuel on the fire. It’s time to stop public money from keeping the planet dependent on fossil fuels. We demand a fossil-free EBRD
For more see our Bankwatch's latest report: New beginnings at 30: can the EBRD leave behind fossil gas to become a bank fit for our future?