The European Bank for Reconstruction and Development (EBRD) has started offsetting greenhouse gas emissions from its own operations, including office buildings and flights by purchasing carbon credits from a Turkish renewable energy project it financed earlier, the bank announced Monday.
'After six years of offsetting emissions which resulted from the bank's annual meetings, the EBRD has now also offset its emissions generated by its London headquarters and over 40 regional offices, as well as carbon dioxide emissions resulting from business-related travel of its staff during 2017,' a statement read.
According to the press release, to offset these emissions, the EBRD purchased carbon credits from a Gold Standard certified Turkish renewable energy project, the 77-megawatt Edincik wind farm.
Located on the southern coast of the Sea of Marmara at Bandirma in Turkey's Balikesir province, the wind farm was financed through Isbank, a local partner bank of the EBRD’s credit line for medium-sized sustainable energy projects in Turkey, the statement added.
According to the press release, in December 2018, the EBRD was one of nine multilateral development banks to pledge to work together in six key areas to align their own activities with the goals of the 2015 Paris Agreement.
The EBRD provides climate finance under its Green Economy Transition approach, and has committed over €26 billion to projects promoting sustainable energy and resource use since 2006.
By Hale Turkes