EIB is to present new ambition for climate action in New York City
20 September 2019
EIB Group financing to unlock and support EUR 1 trillion of climate action and environmental sustainable investment in the decade to 2030, with increased support for climate change adaptation and climate-resilience.
To do this by delivering at least 50% of EIB finance for climate action and environmental sustainability by 2025.
To align all EIB Group financing activities with the goals of the Paris Agreement by the end of 2020.
We will also innovate and partner with other financial actors to mobilize the private finance necessary to address the climate change and environmental crises.
At the UN Climate Action Summit 2019 and the UN General Assembly (UNGA), the European Investment Bank (EIB), the EU Bank, will be discussing its new ambition for climate action with delegates from countries, business, the private sector and civil society.
“We have just over ten years to turn the tide on the climate and environmental emergency. We are putting our natural resources, our economies, our communities and our way of life at risk, potentially creating an unmanageable situation for the next generation. We need to make sure that the voice of our youth is heard and we must make sure that we leave no one behind in supporting the transition. The world is heading in the right direction, but it is behind schedule. Multilateral financial institutions, like the EIB, have never been more relevant to mobilise private investment for this fight” saidEIB President Werner Hoyer ahead of the UNGA.
EIB Vice-President Emma Navarro, who is responsible for Climate Action and Environment, added: “The EIB Group has been at the forefront of the fight against the climate emergency, supporting European climate leadership. Since 2012 we have provided EUR 150 billion of finance supporting EUR 550 billion of investment in climate action and environmental sustainability, making the EIB Group one of the world’s largest multilateral providers of finance for projects supporting these objectives. In 2015, we pledged to provide USD 100 billion for climate action projects in the five year period to 2020. And we are delivering! Today we are confident that we can do even more by setting ourselves increasingly ambitious goals and delivering on them“.
Ambroise Fayolle, EIB Vice-President in charge of Development, said: “To make real progress in tackling climate change and to build a greener future for all, we must invest in innovation and ground breaking technologies. More resources and efforts should go into research and development work, notably around renewables, green infrastructure and energy efficiency, to ensure that their cost can decrease thus allowing them to be part of the development and industrial growth of every country. The EIB, as the EU’s climate bank, is committed to further support investment in the next generation of low-carbon technologies, especially in regions that need them the most.”
In her candidacy speech to the European Parliament, Ursula von der Leyen the incoming President of the European Commission, stated that the EIB should be the driver for a European Green Deal and more ambitious climate action by the European Union. The EIB President welcomed her vision and the support of French President Macron to strengthen the EIB as the EU’s Climate Bank. In June 2019, the European Council invited the EIB to step up its activities in support of climate action.
Supporting a carbon-neutral economy
The EIB President will discuss how the EU Bank can support a carbon-neutral economy through its future Energy Lending Policy, notably during the Bloomberg Global Business Forum focusing on ‘Decarbonisation Trends in the Energy Sector’, on 25th of September.
Feeding the climate debate
On Tuesday 24th of September, the EIB President will speak at the ‘Sustainability Comes of Age Event’, organised by Project Syndicate and Dow Jones. This event will bring together a diverse range of experts and decision makers to help explain how companies can reorient their business models around environmental, social, and governance factors, as well as sustainable investment, and highlight the market opportunities awaiting those choosing this path. On this occasion, jointly with Project Syndicate, the EIB will launch an online platform aiming at discussing in depth climate and sustainability issues.
Partnering with the Leadership for Urban Climate Investment (LUCI)
The EIB partners with Leadership for Urban Climate Investment (LUCI), one of the official initiatives of the UN Climate Action Summit. EIB President Werner Hoyer will present the initiative at the Summit. LUCI is an innovative, comprehensive, multi-level and multi-partner deliverable across the entire investment value chain of climate friendly urban infrastructure projects. It will accelerate, upscale and leverage climate finance for cities in low- and middle-income countries as a strategic priority. The initiative aims at strengthening the capacity of 2000 cities in project preparation, creating 1000 bankable climate smart urban projects, linking 1000 of such projects to finance by 2030 and creating new, innovative financing mechanisms that are utilized by 100 projects until 2025.
The European Investment Bank (EIB) is the long-term lending institution of the European Union and is owned by the EU Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals both in Europe and beyond. The European Investment Bank is active in around 160 countries. It is one of the world’s largest financiers of climate-related investment with USD 100bn committed for climate action in the 5 years up to 2020 in support of the Paris Agreement.
The EIB and Borealis have successfully closed a benchmark financing agreement that supports the Borealis research, development and innovation (RDI) programme in the circular economy sphere. The EIB will provide a €250 million loan supporting Borealis’ multi-year investment programme in the area of plastics circularity, in line with its objectives to support innovation, climate action and sustainability.
The robotics company Magazino has closed a Series B financing round of €21 million. Jungheinrich AG and the EIB are leading the round, with existing investors also participating. The capital raised will be used to expand international sales activities and above all to accelerate the expansion of the "ACROS.AI" software stack – a software platform for intelligent robots developed by Magazino that is also used on third-party hardware.
The EIB has signed a PLN 71.2million (EUR 16 million) guarantee agreement with BNP Paribas Bank Polska to provide a first loss portfolio guarantee to support the financing of energy efficiency projects from Polish homeowners, micro-farmers, and housing associations.