Scaling up ambition: The EU bank presents new policies and targets at #COP25
2 December 2019
EIB Group financing will support EUR 1 trillion of climate action and environmental sustainable investment in the decade to 2030
EIB Group will align all financing activities with the goals of the Paris Agreement from the end of 2020
The EIB will increase its financing activities dedicated to climate action and environmental sustainability to reach 50% of its operations in 2025
The EIB will phase out financing for fossil fuel energy projects from the end of 2021
At the COP 25 United Nations Climate Change Conference in Madrid, the European Investment Bank (EIB), the EU bank, will be discussing how its new climate action roadmap and recent decision to phase out support for unabated fossil fuel energy projects can support European Union leadership on international climate action.
The EIB delegation will engage with national governments, the private sector and civil society as well as fellow financial and European institutions to debate how more climate finance can be mobilized to tackle the climate emergency. In addition, the EIB will be signing a number of new financing agreements to promote solar energy projects in Spain and climate action investments in Latin America.
"The climate emergency is the top issue on the political agenda of our time. We must change course to a carbon neutral future and limit damage from the impact of climate change. That means every country, every industry and every institution needs to do its share,” said EIB President Werner Hoyer. “The EU bank has decided to greatly strengthen its ambition. We will stop financing unabated fossil fuels, launch the most ambitious climate investment roadmap of any International Financial Institution and propose an energy transition package to leave no one behind. We will serve as the financial engine of the European Green Deal under the new European Commission,” he added: “In the context of COP25, these decisions send an important signal to the world: The European Union and its bank are serious about climate action.
EIB Climate Survey: Panic or the dawning of reality?
On 2nd December, the EIB will present the results of the EIB Climate Survey conducted in the EU, the US and China. The first wave of the survey highlights how people perceive climate change and its impact on their lives. EIB-Benelux Pavilion, 13.30-14.15.
EIB Vice-President Emma Navarro commented the survey findings: “European citizens are highly concerned about climate change and its impact on their everyday life and future. Interestingly, many of them are optimistic about the possibility to reverse it. Unfortunately, science says otherwise. We have one shot at limiting global warming and mitigating its effects. The EIB’s survey is a key tool to understand citizens’ perception on climate change, and also the role they expect from their leaders in the public and the private sectors. As one of the largest multilateral providers of climate finance worldwide, the EIB is already the EU Climate Bank and we are committed to doing much more. This is why listening to citizens’ attitudes is key for us to make sure we address their concerns, while leaving no one behind.”
The path out of fossil fuels to Paris Alignment: opportunities and challenges ahead
On Friday 6th December at COP25 this event at the EIB-Benelux pavilion will examine the challenges for investors and financiers alike faced with the call to halt financing for fossil fuels and projects dependant on them. The decision last month by the EIB, the world’s biggest multilateral financier, to phase out finance for energy projects reliant on unabated fossil fuels by 2021 – including gas - has been criticised and praised in almost equal measure. We will be asking what’s next and how to support a “just transition”? And does this set a new standard for others? With EIB Vice-President Andrew McDowell, Senior Vice-President and Global Lead for Public Sector Partnerships at WWF David McCauley and Senior Associate from E3G Sandrine Dixson-Declève. EIB Pavilion 10:00 – 11:00.
EIB press conference: The new climate and energy roadmap - setting a global standard?
On Monday 9th December at 12.30, the EU bank will host a press conference with its President, Werner Hoyer. The press conference will take place at the official COP 25 venue IFEMA and will be open to accredited journalists. The press conference room is CHILOE, located in Hall 10.
Global Climate City Challenge: 5 cities selected as climate leaders
On Tuesday 10th December, the Global Covenant of Mayors for Climate and Energy (GCOM) and the EIB will announce the 5 cities that have been selected as climate leaders under the Global Climate City Challenge. The challenge was launched in September 2018. From an initial 140 projects and 100 applicant cities these five have emerged as the frontrunners. Urban finance and climate experts are now working with municipalities and their partners in order to scope out the details of their project needs. If successful, the projects will generate important social and environmental co-benefits.
EIB President Hoyer will join Mike Bloomberg and Frans Timmermans, both Co-Chairs of GCOM, for a press announcement in the Global Climate Action Hub, Hall 4, 11.30-12.10.
Financing the Paris Agreement: How to mobilise private investors?
At a joint event on Tuesday 10th December, EIB President Hoyer will join Michael Bloomberg, Founder of Bloomberg LP and Bloomberg Philanthropies, Chairman of the TCFD -Taskforce for Climate Related Financial Disclosures, Nadia Calviño, Spain’s Minister of Economy and Business, and Valdis Dombrovskis, European Commission Vice-President, to share EIB’s experience in mobilising private finance and discuss how to connect the financial system and sustainability to make a successful transformation to a greener, more sustainable planet.
Blue Climate Action Zone, 10.00-12.15.
The economic crisis resulting from the COVID-19 pandemic is a crisis like no other. It is unprecedented in terms of the global and synchronised nature of the impact: Nearly all countries and regions of the world are affected. For all or most of these countries, it is one of the most severe blows to growth on record. Although COVID-19 will affect all economies, their vulnerability varies significantly.
The EIB Group (consisting of EIB and EIF) and Bank of Georgia have signed a guarantee agreement of up to €60 million backed by the InnovFin SME Guarantee Facility. The InnovFin Guarantee covers 50% of every loan disbursed by the Bank of Georgia and targets small and medium-sized enterprises and mid-caps that require investment and working capital to finance research, development and innovation activities. This operation is covered by the EU4Business Initiative.
With a view to promoting and expanding climate finance in Europe and beyond, the EIB and the International Climate Finance Accelerator Luxembourg (ICFA) have signed a Memorandum of Understanding (MoU) to strengthen their collaboration.