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EBRD’s annual meeting to open Monday to boost green transition
The 30th Annual Meeting and Business Forum of the European Bank for Reconstruction and Development (EBRD) will be held from June 28 to July 2 with an aim to boost green transition.
Ministers and leading officials will be gathering to take critical decisions aimed at improving the environment and economies covered by the EBRD.
The EBRD is moving from its emergency response to the Covid-19 pandemic to providing longer-term help for countries. Many of the 38 economies in the EBRD’s regions have been hit hard by the virus.
A clear indication of the impact will emerge when the latest economic forecasts for these economies are published at a news conference on Tuesday morning, the first progress report since many began vaccinating citizens and re-opening sectors of the economy.
The Bank’s Governors – representatives from each of the 71 shareholding countries (along with the EU and EIB) – will then hold talks on what next steps should be taken, and the Bank will produce more detailed proposals during the remainder of 2021. Last year the Bank committed €11 billion to Covid-19 recovery.
The Bank’s regions also face a green challenge. Many are heavily-dependent on fossil fuels for their energy, and the EBRD last year committed to becoming a majority green business during its current strategy period (2021-2025) – meaning that more than 50 per cent of its investments will be directed towards the transition to sustainable and climate-resilient economies.
Shareholders will be asked to approve a commitment to full alignment with the Paris Agreement during the Annual Meeting’s main plenary session. This would mean that all projects supported by the Bank would work towards the goal of reaching net-zero carbon emissions.
This will be the first Annual Meeting since becoming President for Odile Renaud-Basso, who is the first woman to lead the Bank. She will underline the Bank’s commitment to supporting economic recovery which is not just green, but also more equal and more digital.
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