Socially Responsible Investments (SRIs)

EBRD has been issuing Green Bonds since 2010, as reflected in the presentation 'Focus on Environment' below:

• EBRD’s Green Bond Frameworks
• Selection Process
• Reporting (use of proceeds and expected impact)
• Mapping of the EBRD’s Environmental Sustainability Bond Framework to the Sustainable Development Goals (SDGs)
• Impact reporting methodological references
• Use of proceeds language in the relevant bond documentation

The EBRD’s Green Bonds are issued in accordance with the Green Bond Principles (“GBP”).

EBRD has earmarked three separate thematic portfolios under which it can issue Green Bonds consistent with the four core principles of the GBP:

• Environmental Sustainability Bonds
• Climate Resilient Bonds
• Green Transition Bonds

Environmental Sustainability Bonds have been EBRD’s main Green Bond offering to date, focusing on a “deep green portfolio”.

Climate Resilient Bonds have an underlying portfolio of climate resilient investments that are consistent with the CBI’s Climate Resilience Principles.

Green Transition Bonds have proceeds linked to assets that can provide substantial emissions’ reductions in sectors, such as manufacturing, that will contribute to the transition to a net-zero resilient economy.

EBRD has been issuing Social Bonds since 2010, as reflected in the presentation: “EBRD Social Bonds”

• EBRD’s Microfinance Bond and Health Bond Frameworks
• Selection ProcessUse of proceeds language in bond documentation
• Reporting (use of proceeds)
• Project Examples

Please see below links to Use of Proceeds and Output, Outcome and Impact Reporting sheets by year, with regards to EBRD’s Green and Social Bonds.

This information is also available in the EBRD Sustainability Report and Focus on Environment presentation.

Please also note:

• The Use of Proceeds Reporting is updated quarterly, the Output, Outcome and Impact Reporting is updated annually.
• The reporting is prepared on a portfolio level.
• The Output, Outcome and Impact values reflect ex ante values.  The reporting sheets include the metrics both for the full project as well as pro rata of EBRD’s financing share. The pro rata share is calculated based on the initial committed amount vs the estimated total project value at the point of EBRD approval.
• The EBRD’s ex post monitoring procedures start immediately after a project’s signing date, throughout its physical implementation and continue until full repayment.  The ex post MRV procedures track, report, review and verify green impacts and outcomes against the ex ante metrics agreed at the appraisal stage.  The EBRD lending officers and independent environmental specialists are assigned the responsibility of monitoring a project and selecting appropriate environmental reporting indicators whilst taking into account project specific complexities and the client’s capacity to report information. If required, a project or client might receive funded Technical Cooperation support to assist with the MRV process. The final project approval documents will need to contain a Green Project Monitoring Plan that includes inter alia how the indicators will be tracked and reported by the client, any critical assumptions that define the assessment of the indicators / results as well as how the reporting obligations are to be included in the legal documentation.

 The following methodological notes underpin the reporting: