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The EBRD had pledged, prior to [[Paris Agreement|2015 Paris Agreement]], to dedicate above 40 per cent of its financing to green investment by 2020. This goal was accomplished for the first time in 2017.<ref>Mahmood, M., & Orazalin, N. (2017). Green governance and sustainability reporting in Kazakhstan's oil, gas, and mining sector: Evidence from a former USSR emerging economy. ''Journal of cleaner Production'', ''164'',
== Activities ==
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=== Environment ===
The EBRD agreed a new green economy approach for
The EBRD also aims to support the corporate transition to [[decarbonisation]], for instance in [[Poland]] (EV battery performance), in [[Turkey]] (elimination of plastics in single-use hygiene products), and in [[Ukraine]] (green supermarkets); and support green infrastructures.
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=== Regarding its investments ===
Inequality of the lending : most projects were related to the Visegrad countries that were the ones with the most developed private sectors meaning that the ERBD was underinvesting in the countries that were the most supposed to receive its participation. For instance, those countries (Czech Republic, Hungary, Poland) were involved in 46% of the projects signed during the
==== Environmentally harmful projects ====
Some [[NGO]]s have criticized the EBRD for financing projects they consider to be environmentally and socially harmful. Although it has increased its investments into [[Energy conservation|energy efficiency]] and [[sustainable energy]] in recent years, these NGOs consider the bank continues to diminish the impacts of green investments by financing [[Emission intensity|carbon-intensive]] development such as coal, oil and gas production, transportation and generation, motorways, and airports.<ref name="bankwatch.org">{{Cite web |title=European Bank for Reconstruction and Development (EBRD) |url=https://bankwatch.org/ebrd |access-date=2022-03-29 |website=Bankwatch |language=en-US}}</ref><ref>{{Cite web |date=2006-08-25 |title=The European Bank for Reconstruction and Development: An Environmental Progress Report |url=http://www.ciel.org/Publications/summary1.html |access-date=2022-03-29 |website= |archive-url=https://web.archive.org/web/20060825144737/http://www.ciel.org/Publications/summary1.html |archive-date=25 August 2006 |url-status=dead}}</ref> Among the contested projects are the [[Ombla#Proposed power plant|Ombla power plant]] in [[Croatia]],<ref>{{Cite web |last=Gavas |first=Mikaela |date=2014-06-27 |title=Reviewing the evidence: how well does the European Development Fund perform? |url=https://odi.org/en/publications/reviewing-the-evidence-how-well-does-the-european-development-fund-perform/ |access-date=2022-03-29 |website=ODI: Think change |language=en-gb}}</ref><ref>{{Cite web |date=2013-07-10 |title=HEP and EBRD cancel loan agreement for Ombla power plant
==== The Balkans ====
The EBRD's activities in the [[Balkans]] have attracted particular controversy and criticism,<ref>{{Cite web |date=2015-12-11 |title=Major banks put up nearly €1bn for controversial Balkan dams, says report |url=http://www.theguardian.com/environment/2015/dec/11/major-banks-put-up-nearly-1bn-for-controversial-balkan-dams-says-report |access-date=2022-03-29 |website=The Guardian |language=en}}</ref> especially when they have centered on national parks or free-flowing rivers.<ref>{{Cite magazine |title=Europe's Last Wild River Is About to Get Dammed |url=https://time.com/4430986/albania-vjosa-river-dam-hydropower/ |access-date=2022-03-29 |magazine=Time |language=en}}</ref> This has often involved the completed or proposed construction of [[Hydroelectricity|hydroelectric dams]] and road infrastructure. Indeed, a 2017 report alleged deficiencies in monitoring and mitigation measures that had been designed to lessen the environmental impact of dam projects financed by the EBRD, while, in March 2018, outdoor clothing label [[Patagonia (clothing)|Patagonia]] helped launch ''The Dam Truth'' campaign, which directly requests international banks including the EBRD to "stop investing in the destruction of Europe's last wild rivers".<ref>{{Cite web |title=Blue Heart of Europe |url=http://blueheart.patagonia.com/intl/en/take-action/ |access-date=2022-03-29 |website=Blue Heart of Europe |language=en}}</ref>
In 2011, the EBRD approved a €65 million loan to ELEM, the [[Republic of North Macedonia|Macedonian]] electricity utility, for a dam at [[Boškov Most Hydro Power Plant|Boskov Most]].<ref>{{Cite web |title=Macedonia's ELEM invites bids for Boskov Most HPP construction
Again in North Macedonia, the EBRD was criticised by environmentalists<ref>{{Cite web |title=Macedonia: EBRD's planned destruction of Lake Ohrid Biosphere Reserve |url=https://theecologist.org/2015/oct/27/macedonia-ebrds-planned-destruction-lake-ohrid-biosphere-reserve |access-date=2022-03-29 |website=theecologist.org |language=en}}</ref> after plans were announced to bisect National Park [[Galičica]] in the UNESCO [[Ohrid-Prespa Transboundary Biosphere Reserve]] with an A3 express road, which would have required certain zones of protection in the national park to be downgraded. Scientists from North Macedonia and across the world signed a declaration in opposition to this and other projects proposed for the Ohrid-Prespa region,<ref>{{Cite web |date=2015-04-15 |title=DECLARATION ON PRESERVING THE WORLD NATURAL AND CULTURAL HERITAGE OF OHRID |url=https://ohridsos.org/declaration-on-preserving-the-world-natural-and-cultural-heritage-of-ohrid/ |access-date=2022-03-29 |website=Ohrid SOS |language=en}}</ref> a message that was reinforced by a Joint Reactive Monitoring Mission from the World Heritage Centre, ICOMOS and the IUCN, which requested total cancellation of proposed A3 road sections.<ref>{{Cite web |last=Centre |first=UNESCO World Heritage |title=UNESCO World Heritage Centre
=== Regarding the targeted countries ===
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==== 2014 sanctions against Russia ====
The EBRD announced on 23 July 2014 that it would suspend new investment projects in Russia, following an earlier declaration by the [[European Council]].<ref name="web.archive.org">{{Cite web |date=2014-07-29 |title=EBRD statement on operational approach in Russia [EBRD
==== Azerbaijan's oil and gas sector ====
Building [[Southern Gas Corridor]], European countries and companies support gas export from [[Azerbaijan]] and contribute to finance Azerbaijan's government.<ref>{{Cite web |last=Welle (www.dw.com) |first=Deutsche |title=In Azerbaijan, EU focuses on energy instead of democracy {{!}} DW {{!}} 08.10.2013 |url=https://www.dw.com/en/in-azerbaijan-eu-focuses-on-energy-instead-of-democracy/a-17145518 |access-date=2022-03-29 |website=DW.COM |language=en-GB}}</ref><ref>{{Cite news |date=2017-10-18 |title=EBRD board approves $500 mln loan for TANAP gas pipeline project |language=en |work=Reuters |url=https://www.reuters.com/article/europe-gas-ebrd-idUKL8N1MR4YS |access-date=2022-03-29}}</ref> The [[Ilham Aliyev|Aliyev]] regime is considered by many [[Non-governmental organization|NGOs]] and watchdogs organizations as [[Human rights in Azerbaijan|repressive]] and activists and journalists are regularly arrested on false charges and imprisoned.<ref>{{Cite web |date=2016-05-24 |title=Azerbaijan: Bank Chief Should Raise Rights Issues |url=https://www.hrw.org/news/2016/05/24/azerbaijan-bank-chief-should-raise-rights-issues |access-date=2022-03-29 |website=Human Rights Watch |language=en}}</ref><ref>{{Cite journal |date=2016-10-20 |title=Harassed, Imprisoned, Exiled: Azerbaijan's Continuing Crackdown on Government Critics, Lawyers, and Civil Society |journal=Human Rights Watch |url=https://www.hrw.org/report/2016/10/20/harassed-imprisoned-exiled/azerbaijans-continuing-crackdown-government-critics |language=en |last1=Gogia |first1=Giorgi }}</ref> The [[International Federation for Human Rights]] (FIDH) wrote in 2015, that "for more than a decade Azerbaijan has made shameless use of [[caviar diplomacy]] to charm European governments, its most important oil and gas clients".<ref>{{Cite web |title='Azerbaijan is turning into a dictatorship – we shouldn't fall for its caviar diplomacy' |url=https://www.fidh.org/en/region/europe-central-asia/azerbaijan/azerbaijan-is-turning-into-a-dictatorship-we-shouldn-t-fall-for-its |access-date=2022-03-29 |website=International Federation for Human Rights |language=en}}</ref> The EEC BankWatch warns that "Developing Shah Deniz stage 2 and the Southern Gas Corridor is likely to cement further the oppressive structures of the Aliyev government".<ref>{{Cite web |title=Pipedreams: Public subsidies for Lukoil in Azerbaijan (report by Bankwatch Network, Jan. 2015) by Both ENDS
The EBRD has invested over 3 billion euros ($3.5 billion) in 177 projects in Azerbaijan.<ref>{{Cite web |date=2021-06-30 |title=EBRD invested $3.5bn in 177 projects in Azerbaijan [PHOTO] |url=https://www.azernews.az/business/180690.html |access-date=2022-03-29 |website=AzerNews.az |language=en}}</ref> The EBRD approved three loans for the [[Shah Deniz gas field]] (US$200 million, US$250 million and US$100 million) as well as a US$500 million loan for the [[Trans-Anatolian gas pipeline]] (TANAP), and stated its financial support to the [[Trans Adriatic Pipeline]] (TAP) could amount to EUR 1.2 billion.<ref>{{Cite web |title=Southern Gas Corridor |url=https://bankwatch.org/project/southern-gas-corridor-euro-caspian-mega-pipeline |access-date=2022-03-29 |website=Bankwatch |language=en-US}}</ref>
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