Reaching a historic agreement to operationalize the Loss and Damage Fund, the UAE announced today ...
EIB, EC team up to address debt problems, back vulnerable states for climate action
The European Investment Bank (EIB) and the European Commission (EC) decided to join hands to address existing and potential debt problems and enable vulnerable countries to implement ambitious climate action.
The EIB has also agreed with the European Commission to strengthen their existing cooperation on most initiatives carried out around the globe as Team Europe under the EU’s Global Gateway investment strategy. The aim is to boost investment in key sectors such as energy transition and healthcare and to develop new tools to support low- and middle-income countries in tackling the effects of climate change.
In line with the call from the Paris Summit for a New Global Financing Pact, the EIB has committed to intensify its support for the Global South and to join innovative mechanisms to accelerate a just transition in developing countries.
EIB President Werner Hoyer said “The European Investment Bank has come to Paris with concrete proposals. We will work on pilot projects to integrate climate resilient debt clauses in our finance contracts. We are an active partner in the IMF’s Resilience and Sustainability Trust. We will support the Just Energy Transition Partnership with Senegal as part of the EU offer. We are excited to be the lead institution for the Global Green Bond Initiative. And because all the Sustainability Development Goals are connected, we have joined the new WHO-led investment platform for Primary health care. These announcements reflect the full commitment of the EIB as the EU Bank to advance global development and partnerships.”
EIB Vice President Ambroise Fayolle, responsible for climate action and development, added “Global challenges are increasing the pressure on the most vulnerable countries, who are also the ones suffering the most from the impacts of climate change. As we approach the mid-way point of the 2030 Sustainable Development Agenda, we must step up our support for those on the frontline of climate change. Our collaboration and the tools we are developing with the European Commission are directly aligned with the aims of this summit in Paris and are designed to allow our partners address the intertwined challenges of development and climate change.”
European Commissioner for International Partnerships Jutta Urpilainen said “Low- and middle-income countries are particularly hard hit by climate change. We are collectively off track from achieving the Sustainable Development Goals by 2030 and inequalities are on the rise. As the world’s largest provider of public climate finance, the EU and its Member States are fully committed to supporting their international partners and working multilaterally towards the objectives set out by the Paris Summit. The tools we are developing with the EIB will provide partner countries with necessary flexibility in financing and encourage green Global Gateway investments to bridge the investment gap.”