The European Bank for Reconstruction and Development (EBRD) has announced that it will be introducing a new strategy to help countries switch from coal as a source of energy to cleaner, renewable technologies.
In a statement on its website, the EBRD said the measures will support cleaner energy production through methods such as combined cycle and high efficiency gas generation.
The bank says that it has already invested over €12 billion (£8.4 billion) under its flagship sustainable energy initiative, which supports renewables projects.
The new strategy says, “The bank is committed to supporting the low-carbon transition in its countries of operations; this entails promoting alternatives to carbon-intensive coal-fired generation.”
It will allow future investment in coal however, but the bank says that these investments will be in “rare and exceptional” cases, and that in these cases, a lowest carbon output must be realistic.
It outlines one such example as coal investment in Mongolia, where the heating of homes in winter is not currently possible using renewable energy sources.
Sebastien Godinot, an economist at WWF’s European policy office, said, “It is now time for all other public financial institutions, in particular multilateral development banks, to follow suit immediately.
“The move by the EBRD is positive, but to have a serious chance of keeping global warming below 2C, the EBRD needs to strengthen its standards and eventually phase out its support for all power supply based on fossil fuels.”
Like our Facebook Page
10 Simple Home Improvement Tips To Create A Green Home Environment
Business Initiatives: Ways to Preserve the Environment
Ultra Simple Guide to Consumer Solar Panel Installation
7 Very Important Steps to Become an Eco-Friendly Dog Owner
The Unbelievable Car Insurance Perks of Being an Eco-friendly Car Owner
5 Very Important Sustainable Guidelines for Home Renovations
9 Essential Elements of Success for Eco-Friendly Food Trucks
Comprehensive Analysis of the Environmental and Financial Benefits of Hybrids
7 Ethical Stocks Looking to Make a Significant Recovery after the Pandemic
Radical Waste Management Solutions Are Essential for Environmental Preservation
An Important Look To The Future of Green Construction
Implementing the Best Sustainable Construction Practices with Timber
The Triumphant Turnaround of Tesla Motors
4 Eco-Friendly Ways to Invest in Your Business
The Terrifying Effects of Polyester on the Environment and Our Health
Understanding the Horrifying Hazards of E-Waste 101
The Terrifying Environmental Footprint Of PPE Disposals
Sustainability is Transforming the Diamond Industry
Massive Technological Advances Create a New Era for Sustainable Farming
4 Sustainable Real Estate Renovations to Complete Before Renting Your Home
- Editors Choice10 months ago
10 Green Companies With Amazing Environmental Initiatives
- Environment11 months ago
How You Can Celebrate An Environmentally Friendly Christmas Or Holiday
- Features10 months ago
5 Sustainable Home Improvement Ideas To Improve Your Home’s Value
- Environment11 months ago
Simple Hacks to Slash Your Environmental Footprint for the Holidays