The EDB Sustainability Committee holds its third meeting
On 15 July 2024, the Sustainability Committee of the Eurasian Development Bank (EDB) held its first meeting in 2024 and the third since its establishment. The Committee delved into the practical measures the Bank will undertake to strengthen its position as a leading financial institution for sustainable development in Eurasia.
Nikolai Podguzov, Chairman of the Bank’s Management Board and its Sustainability Committee, along with other Management Board members and heads of departments, evaluated both past and prospective actions in two key areas: 1) enhancing existing ESG governance practices and policies, and 2) improving GHG emission monitoring and reporting. The Committee reviewed the results of the EDB’s carbon footprint assessment, covering Scope 3 (financed) and Scope 4 (reduced/avoided) GHG emissions. It was decided that the Bank would continue improving its data collection procedures for calculating direct and indirect emissions, including with the use of the updated Environmental and Social Framework, and would disclose its carbon footprint through various communication channels. A significant milestone in this effort will be the publication of the Bank's first Sustainability Report for 2023, consolidating all relevant and material information on its environmental, social and governance performance.
The Committee also discussed climate finance and financing for operations that align with the Paris Agreement. Members were briefed on the fundamentals of such financing, the approaches of leading MDBs, and the rationale for establishing targets for sustainable, green and climate finance. Additionally, the Committee examined common methodologies used by MDBs and the objectives and conditions of the Bank’s member countries.
Further updates were provided on the progress of the Bank’s cross-functional initiatives to promote the sustainability agenda. The EDB has already adopted core sustainability practices aligned with international standards and frameworks and the best practices of its peers, considering the approaches and priorities of its member countries. The focus is on disclosing information transparently, reliably and accessibly to both external and internal stakeholders, including through the launch of the updated Sustainability page on the EDB’s official website. The Bank will continue to promote the sustainability agenda among its human capital. This will be achieved by promoting the Green Office Programme and launching a dedicated e-learning course for staff.
At the meeting’s conclusion, Nikolai Podguzov fully endorsed the steps taken by the EDB to promote sustainability practices. He highlighted that endeavours towards the member states’ sustainable growth are the foundation and focus of the Bank’s mandate, making the EDB part of the larger MDB ecosystem.
Additional Information:
The EDB’s high-level Sustainability Committee was established in July 2023, a significant milestone that represents the institution’s overarching commitment to sustainable development and financing in Eurasia and its member states. The Committee is the main leadership forum dedicated to advancing the Bank’s Sustainability Strategy and providing effective stewardship and oversight at the highest level of governance. The Committee enables faster decision-making on issues intrinsically linked to sustainable development, as well as coordination of collaborative work and collegial discussion on key areas of the Bank’s operations.
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 18 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
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