We must continue to invest in solutions to our planetary problems, says EIB President Hoyer at Atlantic Council’s event in Washington D.C.
21 April 2022
On the margins of the IMF/World Bank Group spring meetings, EIB President Werner Hoyer joined a live discussion with Atlantic Council’s Julia Friedlander on how EU investment can assist Ukraine, build a resilient energy infrastructure in Europe and contribute to addressing planetary emergencies, such as climate change and food security.
During the livestream, President Hoyer said: “Putin’s attack on Ukraine is not a European crisis. It is an event that changes the international order the world over. Russia’s breach of international laws and Putin’s contempt for human life have shaken the multilateral system to its core. The future of our planet, of climate change, of peace, prosperity and the fight against poverty, even access to food and energy, are in jeopardy as a result of the war.”
President Hoyer also explained how multilateral development banks such as the EIB can leverage this moment to invest in quality infrastructure that addresses immediate national security concerns and reinforces adaptation to climate change:
“We need to invest in solutions to our planetary problems and most importantly, galvanise the energy and ingenuity of the private sector. The magnitude of investment needed to address global challenges such as pandemics and climate change is so great that the private sector must play a central role. There isn’t enough public money in the world, and what there is will now be under increasing pressure to finance security and defense. Now as before, creating a virtuous cycle of impactful and sustainable investment requires partnering with and crowding in the private sector. And this is where development banks will continue to play a crucial role.”
The Prime Ministers of Israel and Palestine, Naftali Bennet and Mohammad Shtayyeh highlighted the European Investment Bank’s key contribution to supporting climate action, innovation and business investment in talks with President Hoyer and Vice President Vigliotti this week.
On 25 April EIB President Werner Hoyer participated in the United Nation’s Economic and Social Council (ECOSOC) Forum on Financing for Development. Together with Mrs Rebeca Grynspan, Secretary-General of United Nations Conference on Trade and Development, Mr Aiyaz Sayed-Khaiyum, Minister of Economy of Fiji and others, President Hoyer discussed how the availability of sustainable finance can be ensured despite current and future threats.
Werner Hoyer, President of the European Investment Bank, today chaired a meeting of the heads of 12 multilateral development banks to discuss MDBs’ role in tackling current global crises, from the fallout of the war in Ukraine to recovery from the pandemic and climate change. EIB Vice-President Ambroise Fayolle also attended the meeting.