European Investment Bank says to invest $100b towards climate change mitigation
The European Investment Bank (EIB) plans to invest around $100 billion in climate action in and outside of Europe within the five years to 2020.
This is the largest climate finance contribution of any single multilateral institution, the GNA has learnt.
“The EIB is already exceeding its own targets for climate finance, and thanks to innovative and targeted projects the impact of those projects are growing both in terms of helping to cut emissions and in helping countries to adapt to the effects of climate change like increased flooding and drought”, a statement issued at the start of the United Nations Conference of Parties (COP 23) underway in Bonn, Germany, and copied to the GNA has noted.
But turning the “billions into trillions” will take more than the efforts of one institution, the statement said.
It noted that the EIB, which is the world’s largest financier of climate action alongside its partners, was committed to putting the Paris Agreement into practice.
“That means getting the private sector on board and working alongside fellow Multilateral Development Banks and other EU institutions. Here the EIB is using its experience as Europe’s “crowding-in bank” to help the international community meet its ambitious goals.
During the period of the COP23, EIB and the EU Bank would be debating and announcing a number of key initiatives in the field of climate action financing.
From 6-17 November, the EIB’s President Werner Hoyer would lead the EIB delegation in Bonn, alongside Jonathan Taylor, Vice-President for Climate and Ambroise Fayolle, Vice-President for Development, as well as a team of EIB climate finance and policy experts, to discuss issues including; how the world’s largest financier of climate action could help put the Paris Agreement into practice.
Other issues to be discussed are “building climate resilience for the world’s small islands and vulnerable states, Water lending and climate adaptation – the Cinderella of climate finance. Why it matters and how to do it; with key event showcasing projects and partners in and out of Europe.
“Cities, climate and natural capital – how can we help cities finance climate action and the environment together, and another event on enhancing resilience in cities through nature-based solutions; technical solutions and financing options, would also be discussed.
Turning billions to trillions: Getting the private sector on board through innovative climate finance, Sustainable Stock Exchanges Green Finance Dialogues with EIB President Hoyer, and a launch of a new fund to support energy efficiency and renewable energy investments in Egypt, Lebanon, Jordan, Palestine and Tunisia under the EIB-Luxembourg Climate Finance Platform with EIB President Hoyer would also be held.
The EIB and over 25 other leading financial institutions from around the world adopted a set of voluntary climate mainstreaming principles in 2016 with the aim of improving the effectiveness and transparency of climate action.
COP23 is being hosted by Fiji in Bonn with support from the German Government.
Meanwhile, many delegates attending the COP23 have expressed optimism that the outcome of the conference would be more positive and that negotiators would have a smooth sailing with deliberations on climate change adaptation and mitigation negotiations.
Parties and negotiators on day one, already have adopted the final agenda for the coming two weeks. Unlike in Bonn, at previous COPs the adoption of the agenda was often used to disrupt the conference.
Source: GNA