European finance ministers today welcomed the European Investment Bank’s crucial role in providing climate finance.
At the Annual Meeting of the EIB Board of Governors in Luxembourg, ministers welcomed the EU Bank’s role delivering the Investment Plan for Europe, ambitious plans to enhance the impact of energy financing and unlocking transformational public and private investment around the world. They also welcomed the EIB’s determination to do even more to fight global warming and the impact of a changing climate.
“The EIB is Europe’s climate bank. We are leading providers of climate action finance. And we intend to do even more in the future. The clock is ticking and we must accelerate our efforts. In last month’s elections, Europeans demanded more ambitious support for energy transition and increased private investment to meet climate goals. The EU Bank said very clearly that, with our members’ support, we intend to invest more in what needs to be done, and ensure climate considerations guide everything we do” said Werner Hoyer, President of the European Investment Bank.
The Board of Governors discussed developments over the past year, including preparations for Brexit, investment priorities and cooperation with national and international partners. Ministers highlighted the success of the Investment Plan for Europe and welcomed preparations for InvestEU.
The European Investment Bank Board of Governors comprises the 28 European Union finance ministers. Today’s meeting was chaired by Romanian Finance Minister Eugen Teodorovici.
“On this occasion I wish to express my sincere gratitude to Finance Minister Eugen Teodorovici for chairing the EIB Board of Governors over the last year and my colleagues and I look forward to working with Andrej Bertoncelj over the next 12 months.” added President Hoyer.
Ahead of the meeting, ministers approved the EIB’s audited accounts that include EIB Group financing totalling EUR 64.19 billion signed in 2018.
The meeting also approved proposals for new members of the EIB’s Board of Directors, appointments to the EIB’s audit committee and agreed that for the next 12 months the EIB’s Board of Governors would be chaired by Andrej Bertoncelj, Minister of Finance of the Republic of Slovenia.
A strong push for investment in quality, sustainable and digital infrastructure in a collaborative effort between public and private stakeholders to guide and strengthen the post-Covid-19 global economic recovery efforts even in light of taking in consideration also environmental challenges. This was the main message that emerged from the two-day working session of the D20 Long-Term Investors Club (D20-LTIC), the international club of long-term investors that met in Rome and that the Italian G20 Presidency has recognised as a key partner in the area of long-term investments.
The City Climate Finance Gap Fund (the Gap Fund) has approved technical assistance for 33 cities since its operational launch in September 2020, filling a critical gap in technical assistance funding to help cities turn their climate ambitions into finance-ready projects.
The European Investment Bank (EIB) will provide Empresa Metropolitana de Abastecimiento y Saneamiento de Aguas de Sevilla S.A. (Emasesa) with financing of up to €75 million to support water infrastructure investments in Seville and the surrounding municipalities between 2020 and 2024, with the aim of improving service quality. Emasesa, whose majority shareholder is the Municipality of Seville, is the entity in charge of providing water services to the city of Seville and to 11 towns in the surrounding metropolitan area.