EIB Global is stepping up its work with countries around the world and joining with more partners. Our €10.8 billion in financing for 2022 was 50% more than the previous year’s total outside the European Union. These two companion EIB Global reports detail how this lending improves lives and lay out the guiding principles of our development activities everywhere.
Foreword by the President
Concerns and disillusionment related to the war in Ukraine, global economic struggles, the pandemic and the climate crisis have grown considerably over the last year. Despite the greatest efforts of international organisations, the world order and the crises we are fighting are getting more complicated.
In the European Investment Bank, the European Union and its Member States have in their hands a powerful instrument to help solve the world’s biggest problems. The EU bank is the largest multilateral climate investor in the world. We are a global leader in financing key sectors for development, especially water and green energy. Our investment decisions, based on solid financial and technical assessments, influence markets and help set the standards in sustainable finance.
We are the EU bank worldwide. The significance of this role is especially illustrated by our work in Ukraine. We were one of the first institutions to provide financial support for Ukraine after the Russian invasion, building on our close partnership with the country, which we had strengthened after the annexation of Crimea by Russia in 2014.
A clear signal for the future
The financial and technical firepower of the European Investment Bank matters when it comes to the achievement of Sustainable Development Goals and the transition to net zero. In 2019, I announced that the EU bank would eschew fossil-fuel projects and pledged to mobilise €1 trillion in climate investments this decade. This is what gave rise to our label, the “EU climate bank.”
The decision to steer clear of fossil fuels was crucial for the European Investment Bank. We forged this new path, enabling the European Union to assume a leadership role in future climate action and the energy transition worldwide. Looking back, it is clear that our decision was correct, in particular now that we witness how energy security has taken centre stage, everywhere in the world. In 2022, our global clean energy financing reached €19.4 billion, a record high. This is an investment in the long-term future of our planet – and in our security.
When Europe has the courage to move ahead, this makes it possible for us to cement partnerships around the globe that combine technology and high development impact. The European Investment Bank has been a first mover in offshore wind power, new battery technologies, tiny satellites, green hydrogen technology, and infectious disease research. We plant the seeds for future success stories and play an active role in the adoption of these breakthrough technologies worldwide.
Now another seed has been planted: EIB Global, the European Investment Bank’s development arm, which began operating in 2022. In a divided world in which Europe is asked to play a greater role for development and stability – and in which public resources are shrinking – EIB Global has made a powerful impact, building on decades of European Investment Bank activity outside the European Union.
The financial backbone of Europe
EIB Global invested €10.8 billion in 2022. Over the past ten years, we have financed more than €70 billion in projects outside the European Union. But the creation of EIB Global allows us to build closer partnerships around the world, offer more targeted advice from new regional hubs, and form the financing backbone of Team Europe.
Through our partnership with the European Commission and under Team Europe, EIB Global has the potential to deliver even more. In 2022, we proved again and again that the European Investment Bank and the European Union constitute some of the biggest forces behind the push to achieve the Sustainable Development Goals. In a companion volume to this one, EIB Global Report: The Impact, our economists analyse the real difference our projects make in daily lives – 11.7 million people benefiting from safe drinking water, 836 million people vaccinated against COVID-19 and other diseases, and 141 million more trips on public transport. Our impact report highlights our rigorous analysis of the results of our investments and assesses the financial benefits, catalytic effect and technical support we bring to each project.
The challenges we face – from energy supply to the pandemic, from climate change to conflict and the impact of artificial intelligence – know no borders. The projects supported by EIB Global represent a tangible example of the European Union’s commitment to sustainable and inclusive societies everywhere. This report tells the story of that engagement.