European Bank for Reconstruction and Development (EBRD)

Since the beginning of the COVID19 pandemic in early 2020, European Bank for Reconstruction and Development (EBRD) have committed at least USD 2.59 billion to supporting energy projects through new loans, grants, and guarantees according to their own reporting and other publicly available information. This public finance includes:

  • At least USD 745.90 million for fossil fuels without conditions
  • At least USD 170.03 million for fossil fuels with conditions
  • At least USD 247.21 million for unconditional clean energy
  • At least USD 458.05 million for conditional clean energy
  • At least USD 964.93 million for other energy

By energy type, European Bank for Reconstruction and Development (EBRD) committed at least USD 514.78 million to oil and gas (at least USD 379.74 million to unconditional oil and gas and at least USD 135.03 million to conditional oil and gas).

Finally, no public finance identified for multiple fossil fuels.

A considerably larger amount of new public finance from European Bank for Reconstruction and Development (EBRD) that is not at the project level may also benefit different elements of the energy sector, however this finance is not reported on in a way that can be disaggregated and therefore is not included in the database. This finance is largely made up of (a) investments in financial intermediaries (like commercial banks, private equity firms, or other development funds), (b) budgetary or policy support loans that are cross-cutting across many areas of government, (c) technical assistance, and (d) funding for associated infrastructure like ports or roads that will be primarily used for the transport of energy-related goods.

Many of these public finance commitments are part of programs that existed prior to the COVID-19 pandemic, however they only represent projects that were approved post-pandemic. Recovery spending via European Bank for Reconstruction and Development (EBRD) is cross cutting and it is quite subjective to disaggregate what projects are or are not recovery related.

Updated: 8 December 2021


At least

$915.94 million

Supporting fossil fuel energy



At least

$705.26 million

Supporting clean energy

European Bank for Reconstruction and Development (EBRD)

Since the beginning of the COVID19 pandemic in early 2020, European Bank for Reconstruction and Development (EBRD) have committed at least USD 2.59 billion to supporting energy projects through new loans, grants, and guarantees according to their own reporting and other publicly available information. This public finance includes:

  • At least USD 745.90 million for fossil fuels without conditions
  • At least USD 170.03 million for fossil fuels with conditions
  • At least USD 247.21 million for unconditional clean energy
  • At least USD 458.05 million for conditional clean energy
  • At least USD 964.93 million for other energy

By energy type, European Bank for Reconstruction and Development (EBRD) committed at least USD 514.78 million to oil and gas (at least USD 379.74 million to unconditional oil and gas and at least USD 135.03 million to conditional oil and gas).

Finally, no public finance identified for multiple fossil fuels.

A considerably larger amount of new public finance from European Bank for Reconstruction and Development (EBRD) that is not at the project level may also benefit different elements of the energy sector, however this finance is not reported on in a way that can be disaggregated and therefore is not included in the database. This finance is largely made up of (a) investments in financial intermediaries (like commercial banks, private equity firms, or other development funds), (b) budgetary or policy support loans that are cross-cutting across many areas of government, (c) technical assistance, and (d) funding for associated infrastructure like ports or roads that will be primarily used for the transport of energy-related goods.

Many of these public finance commitments are part of programs that existed prior to the COVID-19 pandemic, however they only represent projects that were approved post-pandemic. Recovery spending via European Bank for Reconstruction and Development (EBRD) is cross cutting and it is quite subjective to disaggregate what projects are or are not recovery related.

Public money commitments to fossil fuels, clean and other energy in European Bank for Reconstruction and Development (EBRD) spending since January 2020, USD billion, as of 8 December 2021

Policies and Finance

MDB Recipient Country Category Policy name Sector Energy Type Mechanism Value committed, USD Date of announcement Policy type Sub-Institution or Programme Receiving entity Stage Arm of Government Primary and secondary stated objective of the policy Policy background Links to official sources Links to additional sources
European Bank for Reconstruction and Development (EBRD) Multiple Fossil unconditional Bundled – EBRD “Fossil Unconditional” Investments under $100 million since Jan 1 2... Multiple sectors Multiple energy types Loan (Hybrid),loan guarantee (... 115364600.00 2020050808/05/2020 Fiscal Multiple Multiple Several energy stages Public finance institution This line item reflects EBRD investments made in "fossil unconditional" projects (as per Energy Policy Tracker methodology) since January 1, 2020.
Project-level data can be accessed here:
http://priceofoil.org/shift-the-subsidies/
European Bank for Reconstruction and Development (EBRD) Multiple Fossil conditional Bundled – EBRD “Fossil Conditional” Investments under $100 million since Jan 1 202... Multiple sectors Multiple energy types Loan (Hybrid),loan guarantee (... 35000000 2020050808/05/2020 Fiscal Multiple Multiple Several energy stages Public finance institution This line item reflects EBRD investments made in "fossil conditional" projects (as per Energy Policy Tracker methodology) since January 1, 2020.
Project-level data can be accessed here:
http://priceofoil.org/shift-the-subsidies/
European Bank for Reconstruction and Development (EBRD) Multiple Other energy Bundled – EBRD “Other Energy” Investments under $100 million since Jan 1 2020 Multiple sectors Multiple energy types Loan (Hybrid),loan guarantee (... 360168100.00 2020050808/05/2020 Fiscal Multiple Multiple Several energy stages Public finance institution This line item reflects EBRD investments made in "other energy" projects (as per Energy Policy Tracker methodology) since January 1, 2020.
Project-level data can be accessed here:
http://priceofoil.org/shift-the-subsidies/
European Bank for Reconstruction and Development (EBRD) Multiple Clean conditional Bundled – EBRD “Clean Conditional” Investments under $100 million since Jan 1 2020 Multiple sectors Multiple energy types Loan (Hybrid),loan guarantee (... 275680400 2020050808/05/2020 Fiscal Multiple Multiple Several energy stages Public finance institution This line item reflects EBRD investments made in "clean conditional" projects (as per Energy Policy Tracker methodology) since January 1, 2020.
Project-level data can be accessed here:
http://priceofoil.org/shift-the-subsidies/
European Bank for Reconstruction and Development (EBRD) Multiple Clean unconditional Bundled – EBRD “Clean Unconditional” Investments under $100 million since Jan 1 20... Multiple sectors Multiple energy types Loan (Hybrid),loan guarantee (... 247211340 2020050808/05/2020 Fiscal Multiple Multiple Several energy stages Public finance institution This line item reflects EBRD investments made in "clean unconditional" projects (as per Energy Policy Tracker methodology) since January 1, 2020.
Project-level data can be accessed here:
http://priceofoil.org/shift-the-subsidies/
European Bank for Reconstruction and Development (EBRD) Jordan Other energy NEPCO: Liquidity facility Power generation Multiple energy types Loan (Hybrid),loan guarantee (... 100000000 2020102121/10/2020 Fiscal NEPCO: Liquidity facility Electricity storage or transmission or distribution Public finance institution "EBRD Project 52010: Financing - USD 100,000,000.00. The loan is to assist NEPCO in preserving the stability of the electrical system and manage its liquidity constraints resulting from the ongoing COVID-19 crisis. The loan will contribute to the Resilient quality by providing liquidity support to NEPCO to help the company go through the COVID-19 crisis. The loan will also contribute to the Inclusive quality, as it will be accompanied with a support targeting NEPCO's human resources to ensure that NEPCO can offer its staff adequate tools and the right skills to navigate through a crisis and is well equipped to respond to shocks."

https://www.ebrd.com/work-with-us/projects/psd/52010.html Accessed 15 Jan 2021
European Bank for Reconstruction and Development (EBRD) Georgia Other energy Power Grid Enhancement Project Power generation Multiple energy types Loan (Hybrid),loan guarantee (... 104017000 2020072323/07/2020 Fiscal Power Grid Enhancement Project Electricity storage or transmission or distribution Public finance institution "EBRD Project 51422: Financing - EUR 90,000,000.00. The loan is to implement reinforcement and enhancement of the electricity transmission grid in Georgia, contributing to a stable, reliable, cost-effective and efficient national transmission grid as a critical component of the efficient market infrastructure and electricity trading. The project consists of 4 main components: (1) construction of the 500kV overhead line (OHL) Tskaltubo-Akhaltisikhe-Tortum; (2) construction of the North Ring; (3) reinforcement of the transmission infrastructure in Guria region; and (4) reinforcement of the transmission infrastructure in Kakheti region. The proceeds of the Bank's loan are expected to finance the North Ring component, including construction of (1) 57km 220kV double-circuit overhead line (OHL) Nenskra-Mestia; (2) Extension of the 500kV switchyard in Jvari substation; (3) 500/220/110kV substation Nenskra; (4) 2km 500kV OHL Kavkasioni tie to substation Nenskra; (5) 50km 500kV single circuit OHL Lajanuri-Tskaltubo; (6) 60km 220kV double-circuit overhead line (OHL) Tskaltubo-Namakhvani-Tvishi-Lajanuri; and 7) extension of 220kV substation Tskaltubo."

https://www.ebrd.com/work-with-us/projects/psd/51422.html Accessed 15 Jan 2021
European Bank for Reconstruction and Development (EBRD) Greece Other energy Public Power Corporation liquidity response Greece Power generation Multiple energy types Loan (Hybrid),loan guarantee (... 175745000 2020052828/05/2020 Fiscal Public Power Corporation liquidity response Greece Electricity storage or transmission or distribution Public finance institution "EBRD Project 51981: Financing - EUR 160,000,000.00. The working capital facility is to support Public Power Corporation SA (PPC) operations at the time of the Covid-19 crisis in Greece. As the largest electricity generator and supplier in Greece, the functioning of its operations are vital for the stability of the electricity sector as a whole. It provides critical functions along the sector chain including distribution, retail supply and collection of payments that are ultimately passed on to other generators and sector participants. The main transition impact would be derived by creating resilience in the electricity system by making available working capital to ensure vital payment capacity and liquidity are maintained throughout the value chain during and beyond the Covid-19 crisis. NOTE #1: US Treasury cites a figure of $173.24 m. NOTE #2: IJ Global gives a financial close date of August 11, 2020 and cites EBRD funding of $188.03 m."
"
https://www.ebrd.com/work-with-us/projects/psd/51981.html
https://www.ebrd.com/news/2020/ebrd-provides-160-million-loan-to-public-power-corporation-of-greece.html
http://www.ebrd.com/strategies-and-policies/board-activity.html (see May 28, 2020)
https://www.treasury.gov/resource-center/international/development-banks/Documents/May_2020_Voting_Record.pdf (see May 28, 2020)
https://ijglobal.com/data/transaction/52558/public-power-corporation-ebrd-facility-2020" Accessed 15 Jan 2021
European Bank for Reconstruction and Development (EBRD) Turkey Other energy Enerjisa Enerji Loan Power generation Multiple energy types Loan (Hybrid),loan guarantee (... 225000000 2020042323/04/2020 Fiscal Enerjisa Enerji Loan Electricity storage or transmission or distribution Public finance institution "EBRD Project 50776: Financing - USD 225,000,000.00. Enerjisa Enerji operates electricity distribution and electricity retail business in Turkey serving a quarter of Turkey. The loan will finance part of the investment program for the years 2019 and 2020 of its three regional electricity distribution networks: Baskent EDAS, Anadolu Yakasi EDAS, Toroslar EDAS. The investment program will involve upgrading and expanding the existing network and modernising customer metering. The capex investments made across the distribution networks will lead to a reduction of technical losses and improved network operation, resulting in incremental CO2 savings. NOTE: This may overlap with or duplicate a project dated December 18, 2019 but entered into the OCI database as ""false"" for ""visible"" because no separate project page could be found for it."

https://www.ebrd.com/work-with-us/projects/psd/50776.html Accessed 15 Jan 2021
European Bank for Reconstruction and Development (EBRD) Uzbekistan Clean conditional Uzbekistan Climate Resilience Framework Power generation Hydro Loan (Hybrid),loan guarantee (... 182367000 2020093030/09/2020 Fiscal Uzbekistan Climate Resilience Framework Electricity generation Public finance institution "EBRD Project 51139: Funding - EUR 155,800,000.00 This is a five-year framework to the Republic of Uzbekistan to support the rehabilitation of 8 small-to-medium size hydro power plants of JSC ""Uzbekhydroenergo"". This will play a crucial role in decarbonisation and climate resilience efforts of the power sector of Uzbekistan. NOTE: EBRD's project page list an approval date of September 30, 2020 but as of November 19, 2020, it also lists the status of the project as ""concept reviewed."""

https://www.ebrd.com/work-with-us/projects/psd/51139.html Accessed 15 Jan 2021
European Bank for Reconstruction and Development (EBRD) Poland Fossil conditional Grupa Azoty Polyolefins Other sector Oil and gas Loan (Hybrid),loan guarantee (... 135033000 2020032525/03/2020 Fiscal Grupa Azoty Polyolefins Energy use (all energy types, consumption in transport, household use, buildings etc) Public finance institution "EBRD Project 48212: Funding - EUR 125,000,000.00 The financing will be used for the development of Polimery Police petrochemical complex in Poland. It entails the construction and operation of an integrated propane dehydrogenation unit (""PDH"") and polypropylene unit (""PP"") to manufacture propylene and polypropylene. The facilities will be located in the town of Police, adjacent to the existing facilities of GA Police and will have access to its utilities and infrastructure. The main facilities of the project will be designed on the basis of best-in-class technologies with a good track record of operations provided by renowned licensors. The selected PDH technology was based on lower emissions and higher energy efficiency compared to cracking technologies. NOTE: This project may be borderline in terms of the general criteria for inclusion in the OCI database."
"
https://www.ebrd.com/work-with-us/projects/psd/48212.html
https://www.ebrd.com/strategies-and-policies/board-activity.html (see March 25, 2020 -- Project Chemist ??)
https://ijglobal.com/data/transaction/51461/polimery-police-petrochemical-complex" Accessed 15 Jan 2021
European Bank for Reconstruction and Development (EBRD) Georgia Fossil unconditional GOGC: Essential Infrastructure Support Power generation Multiple energy types Loan (Hybrid),loan guarantee (... 250797000 2020072323/07/2020 Fiscal GOGC: Essential Infrastructure Support Several energy stages Public finance institution "EBRD Project 52188: Financing - EUR 217,000,000.00. The loan to JSC Georgian Oil and Gas Corporation, a major Georgian electricity and natural gas supplier, is to refinance a USD 250 million corporate Eurobond maturing in April 2021. The loan will ease cash flow pressure and address liquidity constraints for the Company resulting from the significant economic turmoil caused by COVID-19 and the difficulty for the Company to access the capital markets."

https://www.ebrd.com/work-with-us/projects/psd/52188.html Accessed 15 Jan 2021
European Bank for Reconstruction and Development (EBRD) Uzbekistan Fossil unconditional VISP: Electricity Support Facility Power generation Gas and gas products Loan (Hybrid),loan guarantee (... 103708000 2020093030/09/2020 Fiscal VISP: Electricity Support Facility Exploration or production or processing or storage or transportation Public finance institution "EBRD Project 52135: Financing - EUR 88,600,000.00. The funds are to be on-lent to JSC ""Sirdarya Thermal Power Plant"" (""Sirdarya TPP""), JSC ""Tashkent Thermal Power Plant"" (""TashTES""), JSC ""Navoi Thermal Power Plant"" (""Navoi TPP""), JSC ""Talimarjan Thermal Power Plant"" (""Talimarjan TPP"") and JSC ""Takhiatash Thermal Power Plant"" (""Takhiatash TPP"") to finance their working capital and operational liquidity needs."

https://www.ebrd.com/work-with-us/projects/psd/52135.html Accessed 15 Jan 2021
European Bank for Reconstruction and Development (EBRD) Kazakhstan Fossil unconditional KazTransGas: KazTransGas Solidarity Loan Power generation Gas and gas products Loan (Hybrid),loan guarantee (... 276034000 2020061010/06/2020 Fiscal KazTransGas: KazTransGas Solidarity Loan Electricity storage or transmission or distribution Public finance institution "EBRD Project 51854: Financing - EUR 244,113,856.00. Two senior loans tare being made to the state-owned companies Intergas Central Asia JSC and KazTransGas Aimak JSC, the Bank's long-standing clients and fully owned subsidiaries of KazTransGas JSC - the national gas operator. This will help them to optimize the balance sheet, continue energy efficiency improvemenets and develop a Corporate Governance Action Plan. Overall, KazTransGas group operates over 17,000 km of transmission gas pipelines, 40 000 km of distribution lines, 31 compressor stations, 3 underground gas storage facilities. NOTE: US Treasury cites an amount of $266.87 m. while an EBRD news story cites the figure of €243.5 million."
"
https://www.ebrd.com/work-with-us/projects/psd/51854.html
https://www.ebrd.com/news/2020/ebrd-ensures-sustainable-operations-of-kaztransgaz-.html
http://www.ebrd.com/strategies-and-policies/board-activity.html (see June 10, 2020)
https://www.treasury.gov/resource-center/international/development-banks/Documents/June_2020_Voting_Record.pdf (see June 10, 2020)" Accessed 15 Jan 2021