Release date: July 28, 2020
The European Bank for Reconstruction and Development (EBRD) has taken a firm stance on financially supporting and investing more into the future of technological industries particularly in Europe since the outbreak of the coronavirus. The EBRD has recently passed the €5 billion mark of investments this year to a variety of European Countries that are part of their response to this pandemic. Much of the EBRD’s investments were initiated during the unveiling of its coronavirus Solidarity Package, which sets measures and plans to help cater to the needs of 38 countries and their economies during this time while also preparing for a smooth transition next year in the hope that this pandemic is controlled.
Notably, Poland has been able to transition smoothly into creating environmentally friendly renewable energy such as wind and solar energy with approximately €63 million in financial loans from the EBRD. This should help Poland break away from its dependence on coal with its associated adverse effects on the environment and human health.
The EBRD has a vision set to invest €21 billion through 2021 into their sponsored countries and regions. This initiative set by the EBRD will help propel the EBRD’s ambitious proposals to become a majority “green” bank by 2025. This will include targeting to reduce specific emissions and help develop industrial decarbonization and sustainable cities within Europe to achieve climate and environmental goals while being financially viable. It will be worth watching how these investments pan out in the future amidst this ongoing pandemic.