Civil society joins the debate at COP25 in Madrid on opportunities and challenges ahead following the approval of the EIB’s new lending policy
The EIB Board approval of the new energy lending policy, which forsees a phase out of support for energy projects reliant on unabated fossil fuel by 2021, and a boost for investment in renewable and energy efficiency, has unsurprisingly prompted a highly positive response from climate campaigners, experts, and NGO’s in Madrid this week. Delegates at the COP25 UN Climate Conference were also clearly keen to hear more about the impact and implications of the decision.
The debate The path out of fossil fuels to Paris Alignment: opportunities and challenges ahead at the EIB-Benelux Pavillion with leading NGO WWF, and the climate action think tank e3g, provided that opportunity. EIB Vice President Andrew McDowell for Energy joined David McCauley Senior Vice President and Global Lead for Public Sector Partnerships at WWF. and Sandrine Dixson-Declève, Senior Associate at e3g and co-president of the Club of Rome to examine key issues ranging from the need for transition bonds, the challenge for developing countries, and new economic opportunities offered by a low carbon path.
Opening the conversation, Andrew McDowell paid tribute to his fellow panellists who were among many who engaged actively in the public consultation around the EIB’s energy lending review. He said, “Without the support of civil society, I do not believe we would have got this important decision through.”
Sandrine Dixson-Declève called the new EIB energy lending policy a new “gold standard” which she believed had created a new momentum in the world of finance. David McCauley emphasised the importance of delivering on the decision, while congratulating the EIB for an approach that applies to activities in and outside of Europe, “The climate crisis is a global problem and the clock is ticking “
Watch here : EIB, WWF and 3eg: the path of out of fossil fuels- on Facebook
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