CEB joins global financial institutions to support climate action
20 Apr 2017
PARIS – The Council of Europe Development Bank (CEB) has adopted five voluntary Principles for Mainstreaming Climate Action, a global initiative of leading financial institutions around the world.
The Principles, agreed on the sidelines on the COP 21 climate talks in Paris, highlight practical, operational approaches to integrate climate into the core investments and advisory functions of a financial institution. The landmark initiative was undertaken by public and private financial institutions, from both developing and developed countries, with combined assets of more than $11 trillion.
The five voluntary Principles for Mainstreaming Climate Action within Financial Institutions provide a statement of leadership and a framework for collaboration and exchange of lessons as financial institutions develop and mainstream approaches to address climate change.
They outline how financial institutions can:
- Commit to climate strategies
- Manage climate risks
- Promote climate smart objectives
- Improve climate performance
- Account for climate action
The CEB joins the coalition as part of the multilateral development bank (MDB) group, bringing the total number of adhering organisations to 30. Other participating MDBs include: African Development Bank, Inter-American Development Bank, Asian Development Bank, EIB, EBRD and WBG, as well as Development Bank of Latin America – CAF and the Nordic Development Fund.Other institutions are being invited to take part in this initiative, as part of a collective responsibility to incorporate climate change considerations throughout their operations.
Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AA+ with Standard & Poor's, outlook stable and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.