EIB will contribute to objectives of Global Methane Pledge
2 November 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.
European Investment Bank President Werner Hoyer and Vice-President Ambroise Fayolle participated in the launch of the Global Methane Pledge on 2 November in Glasgow at the COP26 climate conference.
The decade to 2030 is critical to addressing our planet's climate and environment emergency. The “Global Methane Assessment” undertaken by the United Nations Environment Programme and the Climate and Clean Air Coalition found that human-caused methane emissions could be reduced by up to 45% this decade. Such reductions would avoid nearly 0.3°C of global warming by 2045 and would be consistent with keeping within reach the Paris Climate Agreement’s goal of limiting global temperature to a rise of 1.5˚C.
The European Investment Bank is transforming into a climate bank. It will drastically scale up and accelerate the green transition in Europe and across the globe.
The EIB is increasing its support for climate action and environmental sustainability to more than 50% of its overall lending activity by 2025 and beyond. This will help leverage €1 trillion of investment over the critical decade ahead. The EIB Group Climate Bank Roadmap 2021-2025 outlines these goals and the next stages of their implementation. The EIB is the first multilateral development bank to be Paris-aligned, as of 2021.
The European Investment Bank has been supporting projects that reduce methane emissions for several decades. This support is set to increase in the agriculture, solid waste management and wastewater sectors in line with the EIB’s strengthened climate orientation.
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.
On Wednesday, the EIB Board of Directors, composed of representatives from the EU member states, approved the Climate Bank Roadmap (CBR) that sets out in detail how the EIB Group aims to support the objectives of the European Green Deal and sustainable development outside the European Union.