Policy briefing: New draft energy (read oil, gas and coal) strategy at the EBRD

The EBRD’s draft energy strategy doesn’t have a climate target. It recognizes the urgency of climate action and the fact that the energy sector is the largest greenhouse gas emitter and places energy efficiency and renewable energy at the core of the transition to low carbon economies. The low carbon transition appears to be a central theme of the draft strategy but when it comes to the fossil fuels sector, it only translates into a potential slight reduction in coal investments. The draft acknowledges the carbon lock-in problem and that the challenge is immediate, yet the general support for the hydrocarbons sector continues as usual. Additionally, the bank opens the door to highly controversial shale gas investments.