The EIB is ready to become even greener, says EIB President Hoyer at the Atlantic Council’s EuroGrowth Initiative event in Washington DC.
- Oct 17, 2019
EIB President presented the EU Bank’s new ambition for 2030 to further support projects for climate action and environmental sustainability.
On the margins of the IMF/World Bank Group autumn meetings, EIB President Werner Hoyer opened the Atlantic Council’s EuroGrowth Initiative co-hosted event with a keynote address on ‘Financing the Energy Transition’.
He presented the new proposal for the EIB’s Energy Lending policy and outlined how it will support countries in their transition to a low carbon economy, thus reflecting the new EU climate and energy targets.
“It is a paradigm shift for an International Financial Institution, because the EIB is proposing the phasing out of our support to fossil fuels. The projects that the Bank is financing today will still be operating in 2040, 2050 and even beyond 2050. By then, we have to meet our 2050 target of “net zero” emission. We therefore need to ensure the correct direction of travel.”, he said.