World Bank and EIB chiefs call for greater financial engagement and technical cooperation to fight climate change
16 April 2015
World Bank Group President Jim Yong Kim and European Investment Bank President Werner Hoyer today confirmed the commitment of their respective institutions to support climate related investment. They further highlighted the crucial need to scale up engagement through enabling greater private sector involvement in climate finance.
The Presidents opened the first dialogue with leading government and business leaders involved in climate finance to be jointly hosted by the World Bank and European Investment Bank on the eve of the Spring Meetings of the World Bank and IMF in Washington DC.
“It is time for renewed action to address the global risk of climate change and 2015 provides a unique opportunity to focus on this fundamental threat. It is crucial to encourage a shift that delivers a more resource efficient, climate resilient and low-carbon global economy. Europe has a firm commitment to addressing climate change and the European Investment Bank, as the EU Bank, will build on a strong track record to address these challenges. Enabling greater involvement of private finance is essential to support investment that reduces emissions and tackles the risk of a changing climate.” said European Investment Bank President, Werner Hoyer.
Focusing on essential action needed to scale up climate finance the climate symposium addressed specific challenges hindering increased investment in forestry, energy efficiency, adaptation and renewable energy. Leading and experienced public and private sector practitioners from around the world shared understanding of how projects or national climate strategies have unlocked domestic and international climate finance and attracted greater support from the private sector.
The two multilateral financial institutions play a leading role providing financial and technical support for climate finance around the world. The Presidents of the World Bank and European Investment Bank emphasised the importance of sharing experience from existing policies and financial instruments to identify successful approaches to climate that could be replicated.
The European Investment Bank supports investment in low-carbon and climate resilient projects across Europe and around the world and is committed to ensuring that 25% of lending supports climate action. In 2014, the European Investment Bank provided EUR 19.1 billion for climate action projects, and EUR 90 billion for the last five years.
The European Investment Bank (EIB) and Iberdrola have signed an agreement to support the development, modernisation and digitalisation of the company’s electricity distribution networks in several Spanish regions. To this end, they have signed a €550 million green loan enabling the company to boost smart grids in Spain, contributing to greater electrification, in line with the of the Spanish and European climate neutrality target for 2050.
The European Investment Bank (EIB), as one of the largest financiers of European transport infrastructure and mobility solutions, today launched a new public consultation on its support for the sector. The aim is to redefine priorities for EIB support within the framework of its pioneering Climate Bank Roadmap and to strengthen the impact of its future transport investment. The public consultation will end on 29 October 2021.
The European Investment Bank (EIB), the city of Vienna and a business consortium have started building two new green education campuses for 1 730 children. The Austrian capital is facing strong population growth and therefore needs new schools urgently.