EIB at Slovakia's Tatra Summit: Vice-President Pavlova speaks on the future of mobility in Europe and energy sector
12 October 2021
Vice-President Pavlova spoke at the Tatra Summit about the need to make European transport greener and explained how the Bank is providing more financing and advisory services in this sector. She also gave advice on green energy during a focus group session.
Explaining the challenges to shift Europe to a carbon-neutral economy, Vice-President Pavlova said: “Our new Climate Bank Roadmap explains how we will support €1 trillion in global climate action and environmental sustainability investments by 2030. We also will ensure that no people or regions are left behind as economies become green. We are working hard with the European Commission on innovation and modernisation funds to support regions whose industries use heavy amounts of fossil fuel. We will help them find many green alternatives for the future.”
A new plan for green mobility
Speaking at the Tatra panel on mobility, Vice President Pavlova said the Bank is encouraging big changes in the transport sector to help industries cut carbon use and adopt more advance digital technologies. The bank is helping the sector tackle a decade of underinvestment in basic transport infrastructure.
Vice-President Pavlova said the EIB has supported many of the roads and other transport networks that help Europe thrive and grow closer together.
“Today, the EIB Group plays a significant role in the transformation of mobility,” she said. “We accelerate sustainable transport technology by attracting more private investment and providing technical assistance and advisory support.”
Spearheading climate change mitigation in transport
Vice-President Pavlova said the EIB’s role in climate change mitigation in the transport sector is steadily increasing. In 2020, the EIB invested over €8.1 billion in climate change mitigation in the transport sector. Between 2016 and 2020, the EIB signed transport deals worth €56.5 billion, including €36.7 billion for climate action.
In 2021, the EIB launched a public consultation for the sector. The aim is to request feedback from the public and develop new priorities in transport investments. The consultation will end on 29 October 2021. More information can be found here.
A greener future for energy
Vice-President Pavlova also explained that EU energy policy aims to ensure that all Europeans have access to affordable and sustainable energy. The European Investment Bank financed €60 billion in the sector between 2016 and 2020, boosting renewable energy, energy efficiency and electricity grid projects. In November 2019, the EIB adopted an ambitious energy lending policy that phased out investments in traditional fossil fuel energy projects by the end of 2021.
The European Investment Bank will actively contribute to the objectives of the Global Methane Pledge by supporting its partners from the public and private sectors in implementing methane emissions reductions in the agriculture, solid waste management and wastewater sectors by providing financing and advisory services. The European Investment Bank’s support will be in accordance with its ambitious Climate Bank Roadmap 2021-2025 and its policies and procedures.
In the lead up to the COP 26 global climate conference, the European Investment Bank (EIB) is joining forces with the United Nations Development Programme (UNDP) in highlighting the need for urgent fossil fuel subsidy reform.