EBRD receives strong backing for climate change work during Korea visit

Bank President holds constructive meetings

The President of the European Bank for Reconstruction and Development (EBRD), Sir Suma Chakrabarti, gained strong backing for the EBRD’s work in the green economy during a visit to the Republic of Korea. The President held meetings with the Korean government and the Green Climate Fund (GCF), which is based in Korea.

President Chakrabarti held talks with Deputy Prime Minister and Finance Minister, Kim Dong Yeon. The Deputy Prime Minister underlined Korea’s support for the Bank’s activities in mitigating the impact of climate change. During the meeting, the EBRD President praised the strength of the partnership between the Bank and Korea. So far, the joint value of EBRD-Korea projects in the Bank’s countries of operations stands at close to €1.5 billion. An increasing number of projects are in the field of green economy transition. The Bank wants 40 per cent of its projects to be in this area by 2020 and, so far, the EBRD seems to be on target. In the first six months of 2017, green projects accounted for 47 per cent of the Bank’s activity.

The President emphasised this operational success in a meeting with the Executive Director of the Green Climate Fund, Howard Bamsey. He said that the relationship between the two organisations had become even closer since they signed an agreement on greater cooperation earlier this year. So far, the Green Climate Fund has approved projects worth more than US$ 600 million with the EBRD, which is the largest single recipient of GCF resources.

Concluding his visit to Korea, President Chakrabarti said: “Korea is at the forefront of green technology and that gives us a strong touchstone as we work together on creating greener economies in our countries of operations.”

Source: EBRD