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Thursday, 13 December 2018 17:00

Decarbonisation underlies EBRD’s new strategy

Decarbonisation underlies EBRD’s new strategy

The EBRD Board of Directors has approved a new energy sector strategy that targets the creation of an energy sector which delivers clean, secure and affordable energy for all, Caspian Energy News (www.caspianenergy.net) reports with reference to the press statement of EBRD.

The strategy for the next five years emphasises the scaling-up of investment in renewables, supporting the integration of energy systems, promoting the switch to cleaner and more resilient energy sources and facilitating electrification as a means to clean the economies where the Bank invests, which include some of the least energy-efficient and most polluting economies and cities in the world.

Consistent with this direction the strategy confirms that the Bank will no longer finance thermal coal mining or coal-fired electricity generation. The Bank will also stop funding any upstream oil exploration, and will not finance upstream oil development projects except in rare and exceptional circumstances, where such investments reduce greenhouse gas emissions.

The Bank will continue to support the gas sector where it is consistent with a low-carbon transition that is both secure and affordable.

The new strategy covers the Bank’s activities in two areas:  electricity generation, transmission, distribution, storage and supply; and hydrocarbon extraction, processing, transportation, distribution, storage and supply. From January 2019, the EBRD is also adopting a Shadow Carbon Pricing Methodology for use in EBRD projects with significant greenhouse gas emission footprints.

More details: https://www.ebrd.com/news/2018/ebrd-puts-decarbonisation-at-centre-of-new-energy-sector-strategy.html

Person in charge of the newsline: Olga Nagiyeva 

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