“An incubator for climate finance and expertise to support the global transition to a low carbon future”: EIB President announces new ambition for the EU Bank
25 September 2019
EIB Group financing to unlock and support more than USD 1.1 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.
During the 74th session of the UN General Assembly, the European Investment Bank (EIB) President Werner Hoyer has presented the strengthened ambition for climate action of the EU Bank.
Speaking in New York City on the margins of the UN Climate Action summit, at an event organised by Project Syndicate and Barron’s, EIB President Werner Hoyer said: “The EIB has been at the forefront of the fight against the climate emergency, in line with the EU’s leading role. Our experience gives us the confidence that we can do even more. We know we can set ourselves increasingly ambitious goals and deliver on them.”
EIB President Hoyer outlined these new ambitions, following European Council President Donald Tusk’s speech at the United Nations where he stated that the European Council expects the EIB to increase its ambition to deliver on climate action and environmental sustainability.
“Firstly, we will increase our own financing. Last year, nearly 30% of our new commitments worldwide were dedicated to such goals. I want us to be much bolder and aim for 50% for climate action and environmental sustainability by 2025.
Secondly, we commit to making a real difference in growing sustainable finance from billions to trillions. By working with our public and private partners we aim to help unlock more than 1.1 trillion dollars of investment by 2030. This will include a marked increase in support for climate change adaptation and climate resilience.
Thirdly, we aim to align all our financing activities with the principles and goals of the Paris agreement by the end of 2020. As an important first step, we will phase out energy projects that depend solely on fossil fuels, “
President Hoyer added, “We will position the EIB as an incubator for climate finance and expertise to mobilise others, helping our societies and economies transform to a low carbon future.”
In her candidacy speech to the European Parliament, Ursula von der Leyen, President -elect 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.
Feeding the climate debate
The EIB and Project Syndicate have this week announced the creation of a joint online platform for digital debate on climate change and sustainability, called “Sustainability Now”. The platform will bring together a wide range of leading experts for an interdisciplinary discussion on how to build a sustainable global economy.
At the UN Climate Action Summit 2019 and the UN General Assembly (UNGA), the EIB will be discussing its new ambition for climate action with delegates from countries, business, the private sector and civil society.
Speaking at the UN Climate Action Summit, EIB President Werner Hoyer said, “The recent climate protests are a wake-up call for all of us.” He outlined how the EIB Group is stepping up its climate ambitions.
On 12 December 2015, the international community made history when it adopted the Paris Agreement. Five years on, the United Nations, United Kingdom and France are organising the Climate Ambition Summit 2020, in partnership with Chile and Italy. Leaders from governments and non-state actors will present new commitments to deliver on the Paris Agreement. The summit marks an important milestone ahead of next year’s COP 26 conference in Glasgow.