RGI’s feedback to the EBRD Energy Sector Strategy 2024-2028

RGI shares feedback to the draft Energy Sector Strategy 2024-2028 of the European Bank for Reconstruction and Development (EBRD). While acknowledging the efforts to draft a well-rounded strategy, RGI also calls on EBRD to pursue a holistic approach to the energy transition in line with the EU and global priorities.

RGI regrets that the proposed Strategy envisages continuous support to fossil-fuel investments. Such an approach is incompatible with the climate urgency the world is facing and the long-term objective of climate neutrality/net-zero. Moreover, it could lead to the reliance on costly and dubious in terms of effectiveness and safety technologies, such as Carbon Capture and Storage (CCS). Instead, we urge the EBRD to prioritise phasing out support and subsidies to all fossil fuels, including fossil gas, and furthermore, to raise the Strategy’s climate/energy ambition, and replace the current prioritisation of ‘low-carbon pathways’ and ‘low-carbon readiness’ of infrastructure with ‘RES pathways’.