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The Bank confirmed as GCF’s largest implementing partner for climate change projects
The European Bank for Reconstruction and Development (EBRD) and Green Climate Fund (GCF) sealed an accord on Saturday that underscores the EBRD’s position as the largest single recipient of GCF resources and paves the way for more joint projects aimed at combating climate change in the Bank’s regions.
An Accreditation Master Agreement (AMA) signed in Washington, D.C. by the President of the EBRD, Sir Suma Chakrabarti, and Executive Director of the GCF’s Secretariat, Howard Bamsey, will enable the EBRD to receive and deploy GCF funding alongside its investments.
Funding from donors such as the GCF is crucial for driving growth for the green economy in countries where the EBRD invests. Donors increase the scale and impact of the EBRD’s green investments by providing additional financing and incentives for EBRD clients to choose investment options that protect the global climate. They also make investments more affordable as well as helping in their preparation, such as with energy audits and knowledge transfer. Donors also support the Bank’s work with governments in the preparation and implementation of reforms that support green investments.
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