The European Bank for Reconstruction and Development (EBRD) has confirmed its participation in the upcoming 2024 United Nations Climate Change Conference, COP29, scheduled to take place in Baku, Azerbaijan.
EBRD President Odile Renaud-Basso will lead the bank's delegation, which includes other senior representatives, as part of the bank's continued focus on climate financing and mobilizing private sector capital across its regions.
In 2023, the EBRD allocated over €6.5 billion to green financing, accounting for 50% of its total investments.
With COP29 aiming to accelerate climate finance initiatives, the EBRD plans to work alongside other multilateral development banks to encourage stronger climate commitments within the public and private sectors.
Managing Director for Climate Strategy and Delivery Harry Boyd-Carpenter emphasized the importance of climate finance at this year's COP, with EBRD's expected contributions including new green initiatives, loan agreements, and participation in discussions on climate financing.
The EBRD is the largest institutional investor in the Caucasus and has a history of over 30 years of work in Azerbaijan, with €3.7 billion invested across 190 projects.
These investments include the country's first utility-scale solar and wind power projects, as well as infrastructure initiatives aimed at supporting sustainable development in Ganja, Azerbaijan's second-largest city.
