EBRD pulls out of coal project lending

The EBRD will stop financing coal projects and nearly all oil projects, 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 new move will now eliminate exceptions like Mongolia and Poland and Kazakhstan, which get over 70% of their domestic energy from coal.

From January, the EBRD is also adopting a 'Shadow Carbon Pricing Methodology' for projects with significant greenhouse gas emission footprints under which it will analyse and account for the cost of greenhouse gas emissions.