Winners in sustainable trade finance!
An award from Global Trade Review recognises our work in promoting green trade finance to address the effects of climate change
The EBRD’s Green Trade Facilitation Programme (Green TFP) has won the GTR Leaders in Trade global award for its significant contribution to sustainability in trade. Other shortlisted nominees in this category were ABN AMRO, Barclays and HSBC.
The GTR Leaders in Trade awards, organised by Global Trade Review, a leading trade finance publication, highlight excellence in the trade, commodity, supply chain and export finance, as well as fintech, markets.
EBRD First Vice President Jürgen Rigterink said: “We are very proud of this recognition for our pioneering Green TFP, which uses the well-established mechanisms of trade finance in support of supply of goods and technologies needed in addressing climate change. In the current coronavirus crisis it is critical to keep trade flowing and it is also a stark reminder not to ignore the continuous need to support transition to a green economy. We can expect sustainable trade to increase significantly in the post-crisis period as demand for sustainably sourced, low-carbon and climate resilient materials and technologies takes off.”
The Green TFP allows our partner banks to use their existing TFP facilities for the financing of exports, imports and the local distribution of imported green technologies and materials, in line with the EBRD’s Green Economy Transition (GET) approach. The GET expertise provided by EBRD energy efficiency and climate change experts has been instrumental in the development of the Green TFP.
Since 2016, Green TFP has supported almost 900 foreign trade transactions involving trade in higher performance technologies and materials with a total volume of €675 million across 22 economies where the EBRD invests. These resulted in annual energy savings of 1,513,200 MWh, water savings of 1,681,399 m3 and emission reductions of 605,376 tonnes, CO2 equivalent.
Green TFP transactions to date include the import of wind power generation equipment from Denmark to Ukraine, the import of small-scale combined heat and power technologies from Italy to Lebanon, the import of water-saving bottling lines from Germany to Armenia and from France to Tunisia, the import of residential lifts from Greece to Kosovo and the export of sustainably sourced wood products from Romania to Egypt.
We are very proud of this recognition for our pioneering Green TFP, which uses the well-established mechanisms of trade finance in support of supply of goods and technologies needed in addressing climate change.