The European Bank for Reconstruction and Development (EBRD or the Bank) is committed to promoting “environmentally sound and sustainable development” in the full range of its activities pursuant to the Agreement Establishing the EBRD.1The Bank recognises that environmental and social sustainability is a fundamental aspect of achieving outcomes consistent with its transition mandate. Therefore, the projects that foster environmental and social sustainability are within the highest priorities of the Bank’s activities.This document: • Outlines how the Bank will assess and monitor the environmental and social risks and impacts of its projects; • Sets minimum requirements for managing environmental and social impacts and risks caused by EBRD financed projects throughout the lifetime of the projects; • Sets a strategic goal for the Bank to promote projects with high environmental and social benefits; and • Defines the respective roles and responsibilities of both EBRD and its clients in designing, implementing and operating projects in accordance with this Policy.