SUSTAINABLE DEVELOPMENT AND THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT

The document examines the necessity for the EBRD to integrate sustainable development into its operations, emphasizing the interdependence of economic health and environmental quality. It proposes a framework based on the principles of futurity, equity, and the value of the environment, while suggesting specific accounting methods and project appraisal criteria to ensure that development does not compromise the needs of future generations.

• Environmental degradation in Central and Eastern European countries has caused significant economic losses, with pollution costs estimated at 11% of GNP in the Soviet Union in 1987 (US$330 billion), 10 to 20% of GNP in Poland, and 5 to 7% in Czechoslovakia.
• Sustainable development is defined by three core principles: futurity (extending forecasts to future generations), equity (balancing needs between present and future generations), and the value of the environment (recognizing the interdependence of the economy and the environment).
• Intergenerational equity requires that present generations preserve "natural wealth" (air, water, soil, wildlife) rather than substituting it with "capital wealth" (manmade assets), because natural wealth supports life and often suffers from irreversibilities such as species extinction.
• To manage resources sustainably, the document suggests the EBRD adopt accounting systems like the Norwegian approach, which records existing stocks of material, biological, and inflowing resources and balances them annually against use, exports, and imports.
• The authors propose that the EBRD apply specific substantive criteria to all funded projects, including financing only the most energy-efficient technology, encouraging production diversification to reduce reliance on nonrenewable resources, and investing in human-resource intensive projects.
• The document recommends that the EBRD implement procedural requirements for projects, specifically ensuring access to information, conducting Environmental Impact Assessments (EIA) that include social and health costs, and providing independent administrative or judicial review.

APA

Wold, C., & Zaelke, D. (1991). SUSTAINABLE DEVELOPMENT AND THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT. Center for International Environmental Law. https://www.ciel.org/wp-content/uploads/2015/04/SusDev_EBRD_Mar1991.pdf

Chicago

Wold, Chris, and Durwood Zaelke. SUSTAINABLE DEVELOPMENT AND THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT. Center for International Environmental Law, 1991. https://www.ciel.org/wp-content/uploads/2015/04/SusDev_EBRD_Mar1991.pdf.

Wikipedia

{{cite report |last1=Wold |first1=Chris |last2=Zaelke |first2=Durwood |title=SUSTAINABLE DEVELOPMENT AND THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT |publisher=Center for International Environmental Law |date=18 March 1991 |url=https://www.ciel.org/wp-content/uploads/2015/04/SusDev_EBRD_Mar1991.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{wold1991sustainable, author = {Wold, Chris and Zaelke, Durwood}, title = {{SUSTAINABLE DEVELOPMENT AND THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT}}, institution = {Center for International Environmental Law}, year = {1991}, month = mar, url = {https://www.ciel.org/wp-content/uploads/2015/04/SusDev_EBRD_Mar1991.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }