The European Bank for Reconstruction and Development (EBRD) has launched the High-Impact Partnership on Climate Action (HIPCA) at COP26.
The European Bank for Reconstruction and Development (EBRD) has launched the High-Impact Partnership on Climate Action (HIPCA) at COP26, working alongside member nations to unleash investments and solutions that tackle climate change.
The new partnership is a pioneering effort by the EBRD and was developed in collaboration with Austria, Finland, the Netherlands, Switzerland, the Taiwan ICDF (International Cooperation and Development Fund) and the United Kingdom.
Its primary objectives are to deliver money and methods that reduce or prevent greenhouse gas emissions, strengthen resilience and reduce vulnerability to climate change, and protect the environment.
The new partnership will work across eight thematic areas. These areas include energy systems; sustainable food systems; green financial systems; cities and environmental infrastructure; and natural capital. They also include cross-cutting themes: climate adaptation and resilience; just transition; and gender and economic inclusion.
This is the EBRD’s first multi-donor partnership tackling climate change and environmental degradation.
EBRD president Odile Renaud-Basso said: “The EBRD has set itself the ambitious target of achieving a green finance ratio of more than 50 per cent of the Bank’s annual investment by 2025 and of fully aligning its activities with the goals of the Paris Agreement by the start of 2023. Our new multi-donor partnership will play a critical role in supporting the EBRD in achieving these targets and enabling climate and environmental action across our region. We look forward to working with our key partners in implementing this ground-breaking initiative.”
James Cleverly, minister for the Middle East and North Africa in the UK, which is hosting COP26, said: “COP26 is not just about realising the climate commitments of individual governments, it’s about working together to enable all countries to meet global net-zero targets and reduce the impacts of climate change. To do this we must unlock public and private investment and push for innovative and green solutions.”
Guy Parmelin, president of the Swiss Confederation, added: “Switzerland is convinced that multilateral development banks such as the EBRD have a great role to play in moving the climate agenda forward. Switzerland is well advanced in the process of approving a contribution to the HIPCA fund.”
Ville Skinnari, Finland’s minister for development cooperation and foreign trade, commented: “Finland is a longstanding partner of the EBRD. We are very pleased to be entering into a partnership under HIPCA, which combines our goals of unlocking market conditions, mobilising financing and engaging the private sector to fight climate change.”
Sandor Gaastra, director-general of climate and energy at the Ministry of Economic Affairs and Climate Policy of the Netherlands, noted: “The southern and eastern Mediterranean region is highly vulnerable to climate change and is witnessing rapid rates of environmental degradation. The Netherlands is delighted to be joining the High-Impact Partnership on Climate Action to support climate change mitigation and adaptation efforts across the region and looks forward to engaging in strategic cooperation on climate issues with the EBRD and donors.”
Harald Waiglein, director general for economic policy, financial markets and customs duties at the Austrian Ministry of Finance, noted: “One of the biggest challenges in the EBRD regions is to create the right investment climate for private finance in addressing climate change. Climate action needs to be mainstreamed in financial and fiscal decisions at every level, enabling private investment and financial-sector development that enhance mitigation, adaptation and resilience.”
Timothy T.Y. Hsiang, secretary general of the Taiwan ICDF said: “The EBRD regions provide significant opportunities for clean growth and for ensuring the transfer of new technologies that help preserve the environment. We welcome HIPCA as it helps catalyse investment and increase impact. We look forward to working with the EBRD and others to tackle the climate challenge and are delighted to support HIPCA.”
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