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Development bank EBRD ends era of coal projects

Coal News - Published on Fri, 14 Dec 2018

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The European Bank for Reconstruction and Development will stop financing coal projects and nearly all oil projects, it said on Wednesday, as part of a global effort by government-owned development banks to reduce climate change. The bank was already prioritising renewable energy and other “green economy” work but the move will now eliminate exceptions like Mongolia and Poland and Kazakhstan which get over 70 percent of their domestic energy from coal.

Decarbonising the EBRD region’s energy sectors requires a shift away from the most polluting fuels, said Nandita Parshad, EBRD Managing Director of Energy and Natural Resources.

The new strategy sets the strategic direction of the bank’s investments for the next five years.

From January, the EBRD is also adopting a “Shadow Carbon Pricing Methodology” for use in EBRD projects with significant greenhouse gas emission footprints.

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Posted By : Rabi Wangkhem on Fri, 14 Dec 2018
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