EIB To Unveil New Green Financing Partnership Initiative at COP27

Posted by Eric Ojo African News, Business News Friday, November 4th, 2022

(AFRICAN EXAMINER) – The European Investment Bank (EIB) Group has said that it will launch a new initiative in collaborations with its partners to finance climate action and environmental sustainability projects during the United Nations Climate Change Conference (COP27), beginning in Sharm El Sheikh, Egypt, this weekend.

The EIB is the long-term lending institution of the European Union (EU), owned by the EU Member States. The EIB Group has adopted a Climate Bank Roadmap to deliver on its ambitious agenda to support €1 trillion of climate action and environmental sustainability investments in the decade to 2030 and to deliver more than 50 percent of EIB finance for climate action and environmental sustainability by 2025.

As part of the roadmap, all new EIB Group operations have been aligned with the goals and principles of the Paris Agreement since the start of 2021. At COP27, EIB has a pavilion in the side event area of the Blue Zone and the bank will be running a series of events on numerous topics.

The new initiatives will be launched under its Climate Bank Roadmap, supporting a just transition to climate neutrality globally, and a framework to promote environmental sustainability. Moreover, the bank will convey the urgency of mobilising massive resources for global warming mitigation and adaptation at the conference.

In addition, the EIB will affirm its unwavering commitment to deploying its full range of financial tools in support of the swift decarbonisation of our economies.

The bank will equally support operations helping to reduce pollution and protecting health and human well-being, the sustainable use and protection of water resources, and the development of a sustainable blue economy protecting marine and coastal resources.

It will also help speed up the shift towards a more circular world and increase its contribution to supporting the reversal of the global trend of biodiversity loss and ecosystem degradation.

The EIB, together with its partners, will at COP27 call for urgent action to improve gender equality in climate finance. On gender day, 14 November, the EIB will co-host a high-level event with the Council of Europe Development Bank and Hivos to discuss avenues for accelerating gender-smart climate investments, from enhancing access to quality green jobs and leadership opportunities for women to developing inclusive low-carbon infrastructure.

EIB President of EIB, Werner Hoyer said the Russia’s war against Ukraine is a catastrophic human tragedy, adding that it also exposed the world’s vulnerability and dependence on fossil fuels.

Decarbonisation, according to him, has now become a prerequisite not just for saving the planet from climate disaster, but also for energy security and safeguarding cohesion at a global level.

“This is why our response to the crisis must focus on renewables, energy efficiency, and innovative technologies that will power sectors such as heavy industry, shipping and aviation. I therefore call on the COP27 conference to put partnerships to support new technologies at the centre of its discussions. The EIB stands ready to work with all our partners to finance the green solutions of the future”, he said.

Similarly, the EIB Vice-President, Ambroise Fayolle noted that to meet the Paris goals there should beg a collective effort to reduce global emissions by halve by 2030.

“To do so, we must get climate finance right and make sure we support those countries and communities that find it hardest to make the green transition a success.
At COP27, the EIB will report progress on the implementation of its Climate Bank Roadmap and launch new initiatives to support environmental sustainability.

“Through our dedicated arm for operations outside the European Union, EIB Global, we are stepping up our efforts to support green energy projects globally, with a special focus on Africa”, he added.

EIB Vice-President Gelsomina Vigliotti said: “We have worked closely with Egypt as the incoming COP27 Presidency to deliver a successful outcome of the United Nations climate conference in Sharm El Sheikh.

“The EIB has worked with Egypt since 1979. We will continue our partnership to support the country’s ambitious National Climate Change Strategy 2050, including investments in energy, transportation, agriculture and water resources”.