The winners and losers of climate action at the European Investment Bank
Publisher: CEE Bankwatch Network
Volume: 8 pages, pdf
Description:
The European Investment Bank has committed to support the EU’s transition to a low-carbon and climate-resilient economy. Since 2008 it committed to at least 25 per cent of its annual commitments for “climate action” – projects that address climate change mitigation and adaptation . By 2020 the bank will also increase its climate action lending outside the EU to 35 per cent of its total annual lending. These targets were approved by the bank’s board of directors, which represent all 28 EU Member States and the European Commission. The bank reiterated its commitment to support the implementation of the Paris Agreement with dedicated contributions to the UN climate change conferences. In November 2016 in Marrakesh, during the COP 22 Conference, EIB Vice President Jonathan Taylor defined the role of public financial institutions “in making the Paris agreement a reality” which is to develop products and instruments that encourage and maintain private capital flows to climate-friendly projects.