BUSINESS

EIB, European Commission to explore EU climate finance initiative

European Climate Action Commissioner Connie Hedegaard and European Investment Bank (EIB) President Philippe Maystadt agreed yesterday to explore a joint climate finance initiative for developing countries as part of the European Union commitment made at the UN climate conference in Copenhagen last December, a press release of EIB informs. During talks at EIB headquarters in Luxembourg, they also welcomed a political agreement reached in mobilising finance for carbon capture and storage (CCS) and innovative renewable energy technologies in the EU through the NER 300 initiative. “Adequate finance is crucial to agreeing and implementing an international agreement limiting global warming to 2 degrees C. The EU has set one of the most ambitious emission reduction targets in the world. Financial institutions such as the EIB, together with the private sector, will play a key role in helping the EU deliver on its emission commitments as well as on mobilising the financial flows needed for mitigation and adaptation to climate change in developing countries,” Commissioner Hedegaard said.


In his turn, EIB Vice President Simon Brooks, who is responsible for environmental protection issues, said: “We think a EU climate action finance platform would give visibility to the commitments made by the European Union in Copenhagen last year. The idea is to combine European Commission and Member States’ grants with financing from the EIB and other European financial institutions to meet the different challenges posed by adaptation and mitigation in the most efficient way.” The European Commission and EIB Group are already cooperating in the implementation of the Global Energy Efficiency and Renewable Energy Fund (GEEREF). The EIB last year lent nearly EUR 17 billion in support of Europe’s climate goals, including for renewable energy projects in Egypt, Kenya, Turkey and Vanuatu, among other countries.

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