Today, 130 civil society organizations from more than 40 countries, including Ecohome NGO, have launched a statement calling on the European Bank for Reconstruction and Development (EBRD) to end finance to all fossil fuels, including gas.
The EBRD is currently preparing a new Energy Sector Strategy 2024-2028, which is expected to be published by the end of the year.
The EBRD is the third biggest funder of fossil fuels among all multilateral development banks, behind the World Bank Group and the Islamic Development Bank. From 2018 to 2021 it provided EUR 2.9 billion to the fossil energy sector. The EBRD has already excluded coal and upstream oil and gas, and the new draft Strategy excludes midstream oil and oil-fired electricity generation. However, the draft Strategy would continue to allow some investment in new midstream and downstream gas projects.
Rather than continuing to finance gas, the EBRD has the opportunity to prioritize public finance for the energy efficiency and renewable energy solutions that can accelerate the transition to a more secure, sustainable, and peaceful future. Continued investment in gas exposes the EBRD’s countries of operation to high and volatile energy prices that can have a severe impact on a country’s ability to reach its development targets.