Climate warning
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EBRD

Climate warning

The draft strategy fails to signal an absolute end to fossil fuel financing or even stop new fossil fuel infrastructure.

A huge global investment bank, the European Bank for Reconstruction and Development (EBRD), has released their newly drafted energy strategy outlining what projects they’re willing to lend money to.
The draft strategy fails to signal an absolute end to fossil fuel financing or even stop new fossil fuel infrastructure.
But the good news is that they've asked for public input on the draft [1] - which means we have 3 days to tell them before the consultation closes: No more investment in fossil fuels!
Send an email* to the European Bank for Reconstruction and Development (EBRD) as part of their official public consultation and tell them: no more fossil projects - not now, not ever!
This could be a huge win for our future. The EBRD has invested almost 3 BILLION euros in fossil fuel energy in just a few years.2 The bank is probably hoping this opportunity to comment goes largely unnoticed by the public over the summer holidays.
But if we can overwhelm the consultation with demands to shift away from fossil fuel, we could soon see their investment money pouring into renewables instead.
To do that, we need your help to flood their inboxes with public submissions before the consultation closes in 3 days. Let's make sure they hear our voice loud and clear: remove all fossil fuel funding from their new strategy!
Deborah for

P.S If you want to understand what's at stake here in more detail, check out this great analysis of why the EBRD's draft energy strategy doesn't go far enough on fossil fuels by climate and energy policy expert Natalie Jones. Sources: [1] Have your say on the EBRD's work [2] How the European Bank for Reconstruction and Development Can Shift Millions From Fossil Fuels to Clean Energy Through the Glasgow Commitment

Do you agree?

17 more agrees trigger social media ads

  • Gorffly mokua

    39 w

    We demand for climate justice! #stopfossilfuels

    3
    • We Don't Have Time

      40 w

      Dear Sven Nilson Your climate warning has received over 50 agrees! We have reached out to EBRD by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time

      3
      • Ajema Lydiah

        40 w

        Renewables is the way to go

        7
      • George Kariuki

        40 w

        It's essential that the public seizes this opportunity to advocate for a shift towards renewable energy investments.

        5
        • Patrik Lobergh

          40 w

          Media contacts Media General enquiries Email: press@ebrd.com Managing Director, Communications Richard Porter, London Email: porterri@ebrd.com

          8
        • Sven Nilson

          40 w

          A letter proposal here:: Thank you for the opportunity to feed back on the EBRD’s draft Energy Sector Strategy 2024-2028 (ESS). My concern is around the planned investments in fossil fuels. Given that the EBRD did not fulfil its commitment to align its activities with the Paris Climate Agreement by the end of 2022, the bank now has a chance to fulfil this promise by revising its Energy Sector Strategy according to the vast scientific and expert evidence that supports a halt to new investments in all fossil fuels and the need for a rapid increase in investments into sustainable forms of renewable energy. The draft strategy fails to signal an absolute end to fossil fuel financing or even stop new fossil fuel infrastructure. It still leaves an open door to finance oil and gas in “exceptional cases” based on specific criteria. Although Russia’s invasion of Ukraine justified some short-term financial assistance to small-scale fossil fuels projects, e.g. emergency diesel generators in Ukraine, there is a risk that this loophole can be exploited – allowing the development of large-scale gas power plants and infrastructure and other fossil fuels projects in cases where sustainable renewable alternatives are actually available. Therefore, it is vital that the EBRD restrict oil and gas investments only to small-scale assistance in situations of humanitarian crises, when no other cleaner alternatives can be deployed in the same manner. The bank’s revised Energy Sector Strategy must end financial support for all new exploration, production, transportation, storage, refinement, and energy end uses of coal, oil, and gas, including the rehabilitation of existing facilities. And this must also apply to indirect investments through other financial institutions. Funding needs to be directed exclusively to what is already the core focus of the strategy - the decarbonisation of our economies by scaling up clean renewables and improving and expanding grid networks to support this transition. Sincerely,

          6

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