The European Bank for Reconstruction and Development has more investments in renewable energy than in thermal power generation for the first time.
The London-based development bank invested 4 billion euros ($4.5 billion) in renewable energy generation between 2006 and 2014, compared with 3.65 billion euros for thermal power, according to a statement posted on its website.
About 34 percent of its total investments in 2014 were in sustainable energy and climate change projects, up from 15 percent in 2005. The institution poured 16.4 billion euros into this industry between 2006 and 2014 and intends to to bring sustainable energy financing into the mainstream through the bank’s projects.
The EBRD was founded in 1991 to support central and eastern European nations in shifting toward market economies after the collapse of the Soviet Union. It’s now active in 64 countries including in the Middle East and North Africa and is among the biggest backers of renewable energy.