But this decision was not just about what we would not do. It has gone hand in hand with a massive push for climate action. The impact of this decision is visible today. We made ambitious commitments, and we are on track to deliver on them. In 2022 alone, we supported climate action projects worth almost €37 billion.
But alone, we cannot turn the tide. Most of our projects in developing countries are co-financed with other MDBs. And we need more of this. As a collective we are stronger, and this is particularly true among multilateral development banks. Partnerships are key.
We also need partnerships with the private sector. These allow us to leverage our scarce capital, mobilise additional investment, and increase our impact.
The economic case for many climate action projects has been strong – just look at the surge in renewables. Last year alone, we invested €19 billion in clean energies. And this shows very clearly that there is no trade-off between climate action and development.
Climate change affects every region on this planet. We must make sure those most affected by climate change are at the centre of our efforts. There will be a Just Transition or no transition at all.
Therefore, at COP28, we are announcing a new approach to supporting a just transition and resilience worldwide to better support those regions most affected by climate change efforts and impacts.
After meeting with EU finance ministers on Friday at an informal gathering of the Economic and Financial Affairs Council in Ghent, Belgium, EIB President Nadia Calviño held a press conference to discuss the EIB Group's ambitious plans with a focus on eight core priorities.