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Building a Greener and Better Future: TaiwanICDF and EBRD Scale Up Climate Actions Together

Building a Greener and Better Future: TaiwanICDF and EBRD Scale Up Climate Actions Together

The International Cooperation and Development Fund (TaiwanICDF) has committed a new contribution to the European Bank for Reconstruction and Development (EBRD), pledging elevated support to green transition projects in the EBRD’s region going forward. Recognizing the urgency to address climate change impacts, this partnership aims to assist developing partner countries in further scaling up climate change adaptation and mitigation actions, building resilience and reducing environmental risks and hazards. In a time when the global economy is looking to recover from the pandemic, the joint commitment of the two organizations echoes the global call for greener growth and creating a better planet for all.

Climate change has become a pressing international issue. In 2015, the Paris Agreement established the goals and framework for accelerating climate action in three main areas: reducing emissions to limit global temperature rise, enhancing resilience and adaptive capacity, and aligning finance flows with low-emission and climate-resilient development goals. In 2020, the fifth anniversary of the climate agreement, COVID-19 brought a temporary halt to economic and industrial activities. As a result, this caused remarkable progress in the reduction of CO2 emissions and eased air and water pollution. Despite concerns that other economic stimulus measures would be prioritized over green investment, the crisis has turned out to be an opportunity. As governments in the EU, UK, Japan and US have reaffirmed their commitments to a net-zero growth and planned for resilient and green post-pandemic stimulus packages, climate actions are expected to be stronger, more valued and more comprehensive than before the pandemic.

The TaiwanICDF has been a longstanding partner of the EBRD in the field of green transition. In 2011, the TaiwanICDF and the EBRD initiated the Green Energy Special Fund, with an innovative mechanism linking the levels of loan interest rates to expected carbon emission reduction as a means to incentivize green investments. In 2016, the TaiwanICDF consolidated and integrated its resources into the EBRD’s Green Economy Financing Facility to address the challenge of limited access to green financing by working with financial intermediaries, and increase investments in green technologies by the public and private sectors. Drawing on the successful experiences with the TaiwanICDF, the EBRD will broaden its efforts towards the current climate challenges and environmental issues. As part of these enhanced efforts, the new partnership will support a wider array of thematic areas, such as climate change mitigation and adaption, circular economy, pollution reduction, resource efficiency and climate resilience. It will also be complemented with cross-cutting themes such as smart solutions, just transition as well as gender and economic inclusion.

To facilitate the required scale-up of climate actions and green investments, measures such as creating an enabling policy environment, strengthening awareness and knowledge sharing, assisting the development of well-guided markets for green technologies, and increasing access to financing will be deployed. Forming concerted cooperation among donors and integrating both reimbursable and non-reimbursable resources will be essential for building a more sustainable future. The TaiwanICDF will continue to work with the EBRD and other donors to contribute to climate resilience for the world.

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  • Date:2021/4/26