EIB President presented the EU Bank’s new ambition for 2030 to further support projects for climate action and environmental sustainability, built around three pillars:
- Increasing support for climate action and environmental sustainability from 25% to 50% of EIB’s global financing by 2025
- Unlocking at least USD 1.1 trillion of investment by 2030 for climate adaptation and resilience
- Aligning all EIB Group’s financing activities with the principles and goals of the Paris Agreement by the end of 2020
He confirmed the commitment of the EIB, as the EU Climate Bank, to support the European Green Deal of the incoming European Commission and its objectives to further increase decarbonisation efforts to make the EU the world’s first climate neutral continent by 2030.
"We must not forget that some countries are further advanced than others on the road to a low carbon economy. We are committed to ensuring no one is left behind.", President Hoyer concluded.
In the panel discussion that followed, Vice-President Andrew McDowell joined Helen Mountford and Alexis Crow to discuss the rationale behind the EIB’s position.
"Climate mitigation and adaptation are going to be the source of the legitimacy of an institution like ours - it is our new mission for the next generation", said EIB Vice-President Andrew McDowell.
He added : “One of the reasons why this discussion around our Energy lending policy has become so high profile and emotive is that people realise that this could become the technical template for what Paris Alignment looks like in practice. People anticipate this will become the higher standard.”
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