President Calviño at Luxembourg ICF Days 2026

Dear Minister Wilmes, dear Serge.

Dear Commissioner Hoekstra, dear Wopke.

Dear Marie-Ange.

So many friends and colleagues and partners are here today. It is such a great pleasure to join you and I want to start by thanking the Luxembourg Ministry of the Environment, Climate and Biodiversity for taking the initiative and in only six months, you told us, hosting this great event. It is about bringing partners together and translating the climate ambition into investment projects and impact on the ground.

It is also an opportunity, I want to mention this, to celebrate the 10th anniversary of the Luxembourg Green Exchange, because it is the world's first platform which is fully dedicated to trading green securities and a shining example of Luxembourg's global leadership in climate finance.

We are very proud to support this initiative and, of course, as the European climate bank, the European Investment Bank Group feels very much at home here in the Grand Duchy.

After Wopke's picture, the Commissioner's picture, which was highlighting the challenges and what needs to be done, I wanted to share three points to raise our spirits a bit this evening. And the first, and it was implicit in your speeches, but I think it's worth explicitly saying it, is that climate investment is not only the right thing to do for the planet, but also the smart thing to do for our economies. As Commissioner Hoekstra just said, companies, insurers, institutional investors are more and more seeing that  this is a real risk that needs to be incorporated in their balance sheets and so forth.

In a rapidly shifting geopolitical landscape, climate action is the key driver of economic competitiveness, security and prosperity. If there is one lesson from the escalation of the conflict in the Middle East, it is that Europe needs to break free of its dependence on fossil fuels. We need to double down on energy, autonomy and accelerating the green transition.

Actually, I thought the piano piece that we heard a moment ago was reflecting this need for acceleration and how the energy transition is in full swing.

It is a lesson that we learned the hard way after Russia's full-scale invasion of Ukraine and it is clear - and I think it is shared not only by those in this room, but also by our economic partners in Europe. A successful green transition is the pillar of sovereignty and economic growth.

I said a moment ago that the European Investment Bank has consolidated its place as the leading financier of the transition investment in Europe and beyond. Last year alone we mobilised over 100 billion euros in clean energy investment in the EU. We are financing around half of all ongoing grid and inter-connector projects, one in five solar plants, one in three onshore wind projects and the majority of offshore wind development.

I'm really proud that some of these projects are keeping the lights on amid so much disruption in global oil and gas markets. Given the news headlines of the past few months, it will come as no surprise that there is a very robust demand for EIB Group financing in clean energy this year. We are on course to exceed the target and maintain record investment volumes in 2026.

I very much liked the expression of green finance is finance for peace. This is really paraphrasing an expression we use very much, which is that every euro financed by the European Investment Bank is actually contributing to Europe's security. Because when we are investing in energy efficiency, in new fuels, in the decarbonation of heavy industry, we are investing in our own strategic autonomy and our security.

My second point is about the importance of partnerships. Let me give you one example. For decades, Luxembourg and the EIB Group have worked side by side to mobilise climate finance at scale. Together we launched the first green bond in 2007. That was a global milestone. It was issued by the EIB and listed in Luxembourg.

These innovative instruments have grown into an asset class in their own right, mobilising trillions into sustainable projects across the world. They are also reinforcing the international role of the euro, as European issuers lead in this space. The EIB Group alone issued 145 billion euros in green and sustainability bonds and is the largest issuer of European Green Bond Standard-aligned securities.

They have been a blockbuster success with investors, deepening Europe's capital market, the high-quality assets. Literally yesterday, we did a 5-billion-euro green bond issuance at the Luxembourg Stock Exchange that was 7 times oversubscribed. I wanted to mention this fact because beyond political debates and noise, the reality is that financial markets are very interested in green finance. Companies are getting on with the green transition, and this is the reality on the ground.

The EIB Group is also stepping up purchases of green bonds, positioning itself as both a leading issuer and as an investor, pioneering market integration, as I mentioned a moment ago. Earlier this week, we announced a 20-million-euro investment into the inaugural green bond of Estonian energy company Eesti Energia. This is the first EIB investment in a green senior bond in the Baltics, reinforcing the Bank's commitment to enhancing green finance and developing public markets in the region.

I can tell you today that many more such deals are to follow, channelling capital into investment in electricity networks, power generation and storage.

All of this shows that with a cooperative approach, two plus two could be more than four. Partnerships pay off, unity pays off. And by leveraging such partnerships, Luxembourg has become the leading international hub for sustainable finance.

And I want to pay tribute, I already did, to the Stock Exchange and to Julie Becker especially. I want to also pay tribute, you will allow me, to my vice-president, Ambroise Fayolle, who is here, because he pursues the climate agenda with professionalism and with passion. And I think without his energy, probably we wouldn't have such an important footprint when we're talking about climate finance.

Talking about partnerships, we work very closely with the European Commission and you know, dear Wopke, Commissioner Hoekstra, that you can count on the European Investment Bank to support building partnerships also with countries around the world.

And this is very relevant from a geopolitical point of view as we all can understand. It is also important to say that next year, as we take over the chairmanship of the multilateral development bank family, we intend to pursue this agenda. And this is also extremely valuable, more valuable than ever, when we are considering how the times are changing, how the narrative is changing, and it is increasingly difficult for many other multilateral institutions to continue to talk about climate and to continue to pursue this agenda amongst others.

And my final point is that transitions succeed when people experience their benefits. We need to have society with us. Climate investment means lower energy rates for companies and households, better transport solutions for cities and regions, improved financing conditions for businesses. And, moreover, clean technologies and innovation are also delivering new opportunities of good quality jobs and growth.

This is very good news. Actually, the green economy is one of the most dynamic sectors in the European labour market, creating millions of new jobs.

And another piece of good news for you. Europe is a powerhouse in clean technologies, such as the wind industry. I am just back from Spain, where we signed on Monday a new financing agreement with Ingeteam, an innovative company developing solar inverters and other critical clean technologies, an issue that is critical for Europe's security. It is a key operation for Europe's energy autonomy, because it will allow us to reduce dependence on non-European suppliers, also increasing the security of electricity rates.

And I think it's very important that we join our forces, not only in mobilising money, but also in communicating this good news, in bringing forward a positive message about the success of this green transition, that is on its way.

Let me close by reinforcing and re-instating my strong confidence in the success ahead. Because the energy revolution is already full swing, it is gathering pace. Energy-transition investment in the EU and across the world is rising to new records, every year, despite the news that we mainly are served every day throughout the media.

Clean technologies are progressing, offering real solutions to power and economy at lower cost. Businesses increasingly view climate resilience as a strategic priority, investing in efficiency and innovation. This is the information we get as European Investment Bank throughout our service, and this is what we see on the ground. So political rhetoric may shift, but the direction of travel and the business case is clear.

European renewable stocks actually are up by more than 70% in the past year, that reflects the strength of our industries. And the European Investment Bank group is committed to supporting this European success story, and to make also the green transition a global success working with our partners around the world.

And I am happy to see, and the crowd here today reflects it, that in this journey, we are not alone. We can count on so many friends and partners.

Thank you very much for the initiative, and I wish you very productive exchanges.

Thank you.