EBRD launches high-impact partnership on climate action at COP26 – Economy

File photo: Odile Renaud Basso, President of the European Bank for Reconstruction and Development. French press agency

The New Partnership, the EBRD’s first multi-donor partnership to address climate change and environmental degradation, was developed in collaboration with Austria, Finland, the Netherlands, Switzerland, the Taiwan International Cooperation and Development Fund (ICDF) and the United Kingdom.

Regarding the goals of the HIPCA initiative, the EBRD said it aims to unleash investments and solutions to reduce or prevent greenhouse gas emissions, reduce exposure to climate change, and protect the environment.

In the EBRD regions, including Egypt, the partnership will work in eight thematic areas, including energy systems, sustainable food systems, green financial systems, cities, environmental infrastructure and natural capital.

It also covers cross-cutting topics, including climate adaptation and resilience, a just transition, gender equality, and economic inclusion.

All topics are aligned with the EBRD Green Economy Approach for the period 2021-25.

The EBRD has set itself an ambitious goal of achieving green finance over 50 per cent of the Bank’s annual investment by 2025 and fully aligning its operations with the goals of the Paris Agreement by early 2023. An important role in supporting the EBRD: “We look forward to working with our key partners in implementing this groundbreaking initiative,” said Odile Renaud-Passo, President of the European Bank for Reconstruction and Development to achieve these goals and enable climate and environmental action.

James Cleverly, Minister for the Middle East and North Africa at the British Foreign Office, Commonwealth and Development, said COP 26 is not just about meeting individual governments’ climate commitments, it’s about working together to enable all countries to prepare to meet the global network. Zero targets and climate change mitigation.

To do so, we must unleash public and private investment and push for innovative and green solutions. This is why the UK is contributing £50 million to HICPA, whose work to mobilize funds and support green infrastructure projects in the Middle East and North Africa is vital to economic growth and a greener future for the region, explained Cleverly.

The European Bank for Reconstruction and Development said it welcomes new donors from the public and private sectors to join this partnership.

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