The European Investment Bank joins forces with other MDBs on sustainable procurement
30 October 2023
Today, sustainable procurement is more important than ever due to increasing climate, environmental and social concerns. What was once a voluntary tool which was considered to have marginal additionality, has now become the key driver for tackling climate change and achieving just transition goals.
In 2023, the Multilateral Development Banks (MDBs) Heads of Procurement, including the EIB, created a Working Group on Sustainable Public Procurement. This group aims to prompt and accelerate environmental, social, economic, and borrower institutional sustainability outcomes in the projects they finance. The Working group agreed to release a joint statement to reflect the collective intent on mainstreaming sustainable procurement.
Governments need to decarbonise their economies to fulfil their commitments under the Paris Agreement and towards the UN Sustainable Development Goals. The support of MDBs in this area is crucial for business communities, to shape and drive the sustainable procurement agenda in their value chains, and to encourage countries to integrate sustainable procurement policies into their legal frameworks and operational processes.
The Working Group will continue to explore priority areas and develop policies, plans and actions to drive the global transition towards sustainable procurement.
The coalition of development finance institutions and multilateral organizations making up the Global Green Bond Initiative (GGBI ) today launched a strategic partnership with the African Development Bank to cooperate on technical assistance to promote green bond markets in Africa.
At the EIB`s Berlin office, the European Investment Bank (EIB) and the Investitionsbank des Landes Brandenburg (ILB) have celebrated almost 30 years of their partnership. Both public development banks have been cooperating in funding regional projects in the German State of Brandenburg that is surrounding Berlin. Since 1995, 47 financial contracts have been signed with an overall volume of €3.21 billion.