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EBRD ends era of coal projects

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Staff Writer |
Europe   Shadow Carbon Pricing Methodology

The European Bank for Reconstruction and Development will stop financing coal projects and nearly all oil projects.

The bank was already prioritising renewable energy and other "green economy" work but the move will now eliminate exceptions like Mongolia and Poland and Kazakhstan which get over 70 percent of their domestic energy from coal.

Decarbonising the EBRD region's energy sectors requires a shift away from the most polluting fuels, said Nandita Parshad, EBRD Managing Director of Energy and Natural Resources.

The new strategy sets the strategic direction of the bank's investments for the next five years.

From January, the EBRD is also adopting a "Shadow Carbon Pricing Methodology" for use in EBRD projects with significant greenhouse gas emission footprints.

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