European Bank for Reconstruction and Development High Impact Partnership on Climate Action

Description What is done in the programme or project and why, what results are pursued, who benefits from the activities and who are involved in the implementation.

EBRD has established a dedicated partnership - the “High Impact Partnership on Climate Action” that builds synergies and aggregates ambitions to achieve scaled-up climate impact, in the Bank’s countries of operation (COOs). HIPCA provides a critically needed vehicle to support EBRD in achieving its 50% target for green financing by 2025 and the aim to align its activities with the goals of the Paris Agreement. The primary objectives of HIPCA are to: i) Support investments and policy solutions that reduce or prevent greenhouse gas emissions and protect the environment; ii) Enhance adaptive capacity, strengthen resilience and reduce vulnerability to climate change; and iii) Create and reinforce enabling environments that unlock the private sector[1] to act as an agent for climate and environmental action. The Partnership takes the form of an EBRD-managed multi-donor facility that deploys reimbursable and non-reimbursable donor contributions across key thematic areas and regions. HIPCA builds on the Bank’s unique business model, which combines EBRD (+other) commercial financing with concessional co-financing, policy engagement and technical assistance.  [1] The Bank supports the transition to open, sustainable and market orientated economies, with a focus on the private sector. However, a thriving private sector needs the support of effective state institutions. There is therefore the need to achieve a balance between state and market support. To this effect, the Bank works with both private sector and public sector (in particular sub-sovereign) entities to facilitate downstream private sector mobilisation.