The European Bank for Reconstruction and Development (EBRD) has urged governments not to bail out fossil fuel companies as they rebuild economies after the coronavirus pandemic, saying efforts should instead focus on accelerating a low-carbon transition.
A report by EBRD – jointly owned by 69 countries as well as the EU and the European Investment Bank – said efforts to counteract the Covid-19 pandemic create an opportunity to “tilt to green” the large-scale recovery spending being pledged, making it a key accelerator towards a low-carbon economy.
