Green financing and lending by the European Bank of Reconstruction and Development (EBRD) reached 36% of total investments in 2018.
The level puts the bank well on the way to dedicating a 40% share of investments to the green economy by 2020.
The bank quadrupled the size of its Green Cities programme in support of environmentally friendly municipal investments to almost €1 billion.
EBRD Green Cities grew in 2018 after a first €250 million of funding, designed to last five years, was mostly committed within just two years.
In October, the lender approved a further €700 million of funding, expanding the number of cities that can be supported.
The EBRD has also launched a new energy strategy that pledges to scale up investment in renewables, completely rule out financing for coal and restrict financing in upstream oil to exceptional projects, which reduce harmful greenhouse gases.
Despite economic challenges in countries where it operates the bank maintained a good level of investment and backing for reforms in 2018.
The EBRD financed 395 projects worth a total of €9.5 billion, very close to the 2017 record of €9.7 billion.
For 2019, the lender has set ambitious goals in support of the global development agenda, with climate finance a major component.