In April 2017, the Council of Europe Development Bank (CEB) adopted the Five Voluntary Principles for Mainstreaming Climate Action within Financial Institutions (“Mainstreaming Principles”). By signing up to the Principles, the CEB became a Supporting Institution and joined the coalition as part of the multilateral development bank (MDB) group, bringing the total number of adhering organisations to 30. Other participating MDBs include: African Development Bank, Inter-American Development Bank, Asian Development Bank, EIB, EBRD and WBG, as well as Development Bank of Latin America – CAF and the Nordic Development Fund.

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Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank’s target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody’s, outlook stable, AA+ with Standard & Poor’s, outlook stable and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.

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Other institutions are being invited to take part in this initiative, as part of a collective responsibility to incorporate climate change considerations throughout their operations.

Signing up to the Mainstreaming Principles is a statement of leadership on climate relevant financing. Beyond the statement, the Mainstreaming Principles aim to provide an opportunity for financial institutions to learn from each other, ensure lessons-learnt around good practice are disseminated and support the development of new approaches.

 

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