The European Investment Bank (EIB) Group today starts a stakeholder engagement process on key elements of its Climate Bank Roadmap 2021-2025.
The roadmap takes effect from 1st January 2021 and will provide the strategic and operational framework for the EIB Group to meet its commitments towards climate action and environmental sustainability over the next five years.
“Climate change and environmental degradation are the most critical issues of our time. Urgent action is required and the EU and its Bank are ready to respond”, said EIB Vice President Emma Navarro, responsible for Climate Action and Environment. “As the EU Climate Bank, we are working with the European Commission on the European Green Deal so that Europe becomes the world’s first climate-neutral continent by 2050. To deliver on our commitments, we are developing the EIB Group Climate Bank Roadmap and we want to invite you to join this debate and help us prepare our roadmap. We look forward to your contributions!”
Over the coming weeks, stakeholders can submit their contributions via a dedicated website. On 23rd March, the EIB Group will host a stakeholder engagement event in Brussels, followed by a second event before the summer break. Both events will be live-streamed and minutes will be available. The focus will be on the following four topics:
- Aligning the EIB Group’s activities with the goals and principles of the Paris Agreement;
- Increasing environmental sustainability investments and leaving no one behind;
- Leveraging private-sector finance and promoting financial innovation; and
- Measuring the long-term effect of the EIB Group’s operations.
The EIB has committed to dedicating at least 50% of its lending to climate action and environmental sustainability by 2025 – an increase from around 30% today. By 2030, the EIB Group plans to help unlock at least €1 trillion of climate action and environmental sustainability investments from public and private partners. In addition, the EIB Group will align all its financing activities with the principles and goals of the Paris agreement by the end of 2020. This will be complemented by a proposal regarding a “Just Transition”.
On 4th March, the European Commission presented a proposal to enshrine in legislation the EU’s political commitment to be climate neutral by 2050. The European Climate Law sets the 2050 target and the direction of travel for all EU policy, and gives predictability for public authorities, businesses and citizens. At the same time, the Commission launched a public consultation on the future European Climate Pact. Through this consultation the public will be involved in co-designing this instrument.