EBRD to launch major green initiatives at COP29 in Baku

The European Bank for Reconstruction and Development (EBRD) plans to roll out significant environmental initiatives, sign major loan agreements, and actively participate in discussions on climate financing during the COP29 climate conference in Azerbaijan’s Baku capital.

This announcement was made by Harry Boyd-Carpenter, the EBRD’s Managing Director for Climate Strategy, Caliber.Az reports, citing local media.

He emphasized that “climate financing is a key topic at COP29,” highlighting the EBRD’s leadership in this field and its strong track record in mobilizing private capital.

In 2023 alone, the EBRD allocated over €6.5 billion to green projects, which accounted for 50% of its total investments. Among multilateral development banks, the EBRD stands out for attracting private financing: for every euro, the bank invests in the green economy, it leverages more than three euros from private capital.

At COP29, which focuses on accelerating climate financing, the EBRD will collaborate with other multilateral development banks to strengthen national and private climate initiatives, helping to attract more private capital.

The EBRD delegation at the conference will be led by President Odile Renaud-Basso, First Vice President Jürgen Rigterink, Vice President for Policy and Partnerships Mark Bowman, and Managing Director for Climate Strategy Harry Boyd-Carpenter. According to Boyd-Carpenter, “climate financing is a key topic” at this COP.

“The bank’s participation in COP29 reaffirms its leading role in financing climate projects and mobilizing the private sector in the countries where it operates,” the statement said.

As the largest institutional investor in the Caucasus, the EBRD has been active in Azerbaijan for over 30 years. Its investments in the country amount to €3.7 billion, distributed across 190 projects. These include the first industrial-scale solar and wind power plants, as well as sustainable infrastructure initiatives in Ganja, Azerbaijan's second-largest city.

Notably, the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) will be held in Azerbaijan on November 11-22. This decision was made at the COP28 plenary session in Dubai on December 11, 2023.

COP29 is a pivotal opportunity to accelerate action to tackle the climate crisis. During two weeks, Baku will welcome around 70,000 to 80,000 international guests, including leaders from governments, business and civil society to advance concrete solutions to the record-high global temperatures, and extreme weather events affecting people around the globe.

A key focus of COP29 will be on finance, as trillions of dollars are required for countries to drastically reduce greenhouse gas emissions and protect lives and livelihoods from the worsening impacts of climate change.

The conference will also be a key moment for countries to present their updated national climate action plans under the Paris Agreement, which are due by early 2025. If done right, these plans will limit global warming to 1.5°C above pre-industrial levels and double as investment plans advancing the Sustainable Development Goals.

By Khagan Isayev