The European Bank for Reconstruction and Development (EBRD) has announced it aims to invest €18 billion (£13.14bn) to tackle climate change by 2020.
The EBRD claims it would deliver as much green financing in the next five years as it has invested in the last 10 years.
Its green funding would increase by 40% of total annual investment during the same period.
It will be achieved by scaling up further existing activities in areas like renewable energy project finance, district heating rehabilitation and the EBRD’s Sustainable Energy Finance Facilities scheme.
The Bank will work on supporting the installation of advanced climate technology in different countries and increase energy efficiency in many industries.
EBRD President Sir Suma Chakrabarti said: “The international community has a unique chance this year to deliver a decisive set of measures to combat climate change. With its long experience as a leader in climate finance, the EBRD is making an important contribution to this collective stand through its Green Economy Transition approach.”