{"id":58516,"date":"2021-07-06T07:07:38","date_gmt":"2021-07-06T12:07:38","guid":{"rendered":"https:\/\/olduvai.ca\/?p=58516"},"modified":"2021-07-06T07:07:38","modified_gmt":"2021-07-06T12:07:38","slug":"european-bank-for-reconstruction-and-development-ends-all-upstream-oil-financing","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=58516","title":{"rendered":"European Bank For Reconstruction And Development Ends All Upstream Oil Financing"},"content":{"rendered":"

European Bank For Reconstruction And Development Ends All Upstream Oil Financing<\/a><\/h3>\n
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The European Bank for Reconstruction and Development (EBRD) will no longer invest in oil and gas exploration and production, the bank\u2019s Managing Director Harry Boyd-Carpenter told\u00a0Reuters<\/a>\u00a0as the institution pledged to align all its activities to the Paris Agreement goals from the end of next year.<\/p>\n

\u201cWe will no longer invest in upstream oil and gas projects,\u201d Boyd-Carpenter told Reuters on Thursday.<\/p>\n

On the same day, the bank\u00a0announced<\/a>\u00a0that its Board of Governors decided at the Annual Meeting 2021 to accelerate decarbonization across the regions it operates, supporting them to reach net-zero emissions by 2050.<\/p>\n

The EBRD invests in projects in central and eastern Europe, Central Asia, and the Southern and Eastern Mediterranean.<\/p>\n

The EBRD, however, will continue to invest in selected oil and gas projects in the downstream and midstream that are aligned to or contribute to the Paris Agreement goals, EBRD\u2019s Boyd-Carpenter told Reuters.<\/p>\n

\u201cThe low carbon transition requires the world economy to move in less than 30 years from a more than 80 per cent reliance on fossil fuels to a net-zero model. This is a challenge that is unprecedented in economic history. Similarly, the associated opportunity is enormous,\u201d the EBRD\u2019s First Vice-President J\u00fcrgen Rigterink said in a statement.<\/p>\n

The EBRD is the latest bank to announce it would halt financing for one or other form of oil and gas.<\/p>\n

Last year, Deutsche Bank\u00a0ended financing<\/a>\u00a0for new oil and gas projects in the oil sands and the Arctic region effective immediately.<\/p>\n

In the United States, Goldman Sachs said in December 2019 that it would\u00a0decline to finance<\/a>\u00a0new Arctic oil exploration and production and new thermal coal mine development or strip mining.\u00a0Wells Fargo<\/a>\u00a0and JPMorgan have also said they would stop financing new oil and gas projects in the Arctic.<\/p>\n

Earlier this year, UN Secretary-General Ant\u00f3nio Guterres\u2019 said that banks\u00a0should finance low-carbon<\/a>\u00a0climate-resilient projects, not big fossil fuel infrastructure that is not even cost-effective anymore.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

European Bank For Reconstruction And Development Ends All Upstream Oil Financing The European Bank for Reconstruction and Development (EBRD) will no longer invest in oil and gas exploration and production, the bank\u2019s Managing Director Harry Boyd-Carpenter told\u00a0Reuters\u00a0as the institution pledged to align all its activities to the Paris Agreement goals from the end of next […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[141,31415,3625,30751,1729,5332,14603],"class_list":["post-58516","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-climate-change","tag-european-bank-for-reconstruction-and-development","tag-financing","tag-net-zero-emissions","tag-oil-and-gas-industry","tag-oilprice-com","tag-tsvetana-paraskova"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=58516"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58516\/revisions"}],"predecessor-version":[{"id":58517,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58516\/revisions\/58517"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=58516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=58516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}