Rio+20: EBRD hails unique opportunity for sustainable development

The EBRD and other multilateral development banks have hailed the Rio +20 summit as a “unique opportunity” to launch a renewed strategy for sustainable development which aims for inclusive green growth.

Thomas Mirow, EBRD President, and his counterparts from other multilateral development banks (MDBs), have vowed “to work together to support global transformation in line with Rio +20 agreements.”

“We believe that such a transformation is necessary and can be made in an equitable, efficient and affordable way,” Mr Mirow said in a joint statement signed by the MDB presidents.

The statement describes “green growth” as growth which is “attained with a smaller environmental footprint, is inclusive, and achieves gains in opportunities and access to resources by all segments of the population to reduce income inequity”.

The core green growth issues identified by the the MDBs include: Sustainable Development Goals (SDGs), climate change, the Sustainable Energy for All initiative, sustainable cities and sustainable transport.

The EBRD itself has been at the forefront of international efforts to promote sustainable energy. Since its launch in 2006, cumulative financing for the

EBRD’s Sustainable Energy Initiative (SEI) has reached over €9 billion in over 450 projects for a total project value of €46 billion.

The Bank recently announced plans to fund sustainable energy projects worth up to €25 billion over the next three years in the third phase of SEI.

The financing target from the EBRD’s own funds over the same period is up to €6.5 billion and the target range for the annual reduction of carbon emissions is 26 to 32 million tonnes of CO2.

World leaders are due to arrive at Rio +20 today, which takes place two decades after the 1992 Earth Summit in the same city. According to the UN, the conference is “a chance to move away from business-as-usual and to act to end poverty, address environmental destruction and build a bridge to the future”.

 

Image 01: Cliamte Action Stock Photo