We face challenges today that threaten our planet and future generations. Climate change is arguably the greatest of them. We must respond now to the necessity of containing it and build sustainable societies that can adapt to its long-term effects.
The Paris agreement was a remarkable milestone in the history of multilateralism. Governments of almost every country in the world came together for the first time in an unprecedented demonstration of their determination to confront this great threat. On that occasion, multilateral development banks confirmed their unwavering commitment to the fight against climate change, and the European Investment Bank reaffirms that commitment today.
Committed to climate investment
The contributions of multilateral development banks as a proportion of global climate-action funding have been growing steadily. The EIB alone is committed to investing around USD 100 billion in climate action financing over five years. This is a serious response to a serious problem. The environmental risks of climate change pose a grave threat to economic growth and to the welfare of people across the world.
Today's political climate is unpredictable. But climate change is not. We know what will happen, if we do not take action. Partnership around the world must be maintained. Nowhere is multilateralism more important than in the global movement to protect our environment. Less multilateralism will hurt our societies, increase instability and put the climate at greater risk. The role of multilateral financial institutions has clearly never been more relevant.
Build on our partnership
Our pledge to develop innovative climate finance solutions and encourage private and public financing for environmental projects remains steadfast. But we will not succeed unless we build upon our partnership first and foremost with all multilateral financial institutions. No single entity or country can hope to achieve success without cooperation. Multilateral efforts are essential. In partnership with other multilateral development banks we can and must do more to assist and encourage the private investment that is needed to combat global warming. Now more than ever we must work together and resist tendencies to weaken multilateralism. Going alone makes no one stronger; it makes the world weaker.
The ElΒ is determined to continue to work with all of you to reaffirm this approach. I propose that we use the earliest available opportunity to restate our joint commitment to the fight against climate change and its effects through a common public statement capable of reassuring stakeholders, partners and the markets about our determination in these volatile times. If you agree, we should make sure our services promptly get the necessary preparations under way. I look forward to discussing ways to strengthen our cooperation on the pursuit of the Paris goals and the SDGs in the coming months.
This is the text of President Hoyer’s letter to Christine Lagarde, managing director of the International Monetary Fund, President Bandar M. H. Hajjar of the Islamic Development Bank, President Takehiko Nakao of the Asian Development Bank, President Akinwumi Adesina of the African Development Bank, Asian Infrastructure Investment Bank President Liqun Jin, World Bank President Jim Yong Kim, President Kundapur Vaman Kamath of the New Development Bank, Suma Chakrabarti, President of the European Bank for Reconstruction and Development, Inter-American Development Bank President Luis Alberto Moreno, and International Finance Corporation Chief Executive Officer Philippe Le Houérou.