EIB Global Unveils Pioneering Climate Initiatives at COP28 in Dubai

EIB Global Unveils Pioneering Climate Initiatives at COP28 in Dubai

(IN BRIEF) In a significant announcement at the United Nations Climate Change Conference (COP28) in Dubai, the European Investment Bank (EIB) revealed its pioneering approach to a just transition and just resilience on a global scale. The EIB Group introduced groundbreaking projects focusing on innovative energy technologies and climate adaptation, aligning with its commitment to the EU climate bank and the European Green Deal. The institution also highlighted its progress toward ambitious climate action and environmental sustainability targets. Additionally, the EIB launched its sixth Climate Survey, reflecting strong global support for climate action while addressing concerns about the cost of living. The EIB’s active participation at COP28 underscores its dedication to addressing the climate and environmental emergency.

(PRESS RELEASE) LUXEMBOURG, 30-Nov-2023 — /EuropaWire/ — The European Investment Bank (EIB), the lending arm of the European Union, is poised to make a significant impact at the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, running from November 30 to December 12, 2023. Collaborating with global partners, the EIB is set to present practical solutions to combat the pressing climate and environmental crises.

Under the umbrella of the EIB Group, which includes the European Investment Fund, the institution will introduce groundbreaking projects focused on innovative energy technologies and climate adaptation. This marks a significant stride in the EIB’s commitment to promoting a just transition and just resilience on a global scale. Moreover, the EIB is working in close partnership with fellow multilateral development banks (MDBs) and the private sector to announce support for countries in the development and financing of projects aligned with long-term strategies for decarbonized, climate-resilient growth.

Since 2019, the EIB has undergone a transformation into the EU climate bank, bolstering annual green finance by over 80%, surpassing €36 billion, and discontinuing support for unabated fossil fuel energy projects, including natural gas.

EIB President Werner Hoyer emphasized the urgency of climate action, stating, “The world is facing the consequences of climate change, with the most vulnerable in the developing world, who are least responsible for it, bearing the brunt of the climate crisis. COP28 presents a crucial milestone for international climate action. We have to seize the opportunities and refuse to resign ourselves to the worst. We must come together and meet our partners on an eye-to-eye level to work on concrete solutions for climate resilience, phasing out fossil fuels and scaling up clean energy capacity, through innovative technologies that offer green jobs and sustainable growth. I call on all our partners to work together in this endeavour.”

EIB Vice-President Ambroise Fayolle, responsible for climate action, environment, and development, added, “The EIB has heard the calls for multilateral development banks to increase the impact of their collective efforts in climate and environmental action. We are working with our fellow MDBs on ambitious initiatives to be announced at COP28. At the EIB, our Board of Directors just approved the mid-term review of our Climate Bank Roadmap, which confirms that the Bank has already exceeded its 50% green finance target for the second year in a row.”

EIB Vice-President Thomas Östros, responsible for energy investments, echoed this commitment, stating, “The EIB welcomes the COP28 Presidency’s ambition to triple renewable energy capacity by 2030 and massively improve the energy efficiency of our homes, public buildings and workplaces. We have extensive experience of supporting clean energy investments worldwide. We also support the EU position for COP28 that the transition to a climate-neutral economy will also require a global phase-out of unabated fossil fuels. Already in 2019, we were the first international financial institution to stop financing unabated fossil fuel energy projects. At COP28, we will join partners to announce innovative clean energy projects which present concrete solutions to help decarbonise our economies.”

EIB Vice-President Gelsomina Vigliotti, responsible for small and medium-sized enterprises and mid-caps, highlighted the EIB Group’s dedication to supporting European firms facing multiple challenges, stating, “In addition to climate change, European firms are facing multiple challenges amid pressing investment needs and increasingly stringent financial conditions. I look forward to sharing our experience at COP28 on how the EIB Group is working with the European Commission and partners to help businesses green their activities, build in climate risk assessment and support clean technology investments to support the objectives of the European Green Deal.”

Just Transition and Just Resilience

EIB Global, the development arm of the EIB, will use COP28 as a platform to introduce its approach to support a just transition and just resilience on a global scale. This approach aims to address the socio-economic impact of climate action policies and climate change itself, ensuring that nobody is left behind in the transition toward a net-zero, climate-resilient global economy.

The EIB has a longstanding commitment to the just transition within the European Union, and EIB Global is now extending these efforts to regions most affected by decarbonization, fostering a shift toward more sustainable economies. Additionally, the just resilience approach seeks to mitigate unintended negative impacts of adaptation policies and actions through socially informed investments, empowering countries and populations disproportionately affected by climate change. This initiative is particularly critical in least developed countries, small island developing states, and fragile states where increasing climate resilience is urgently needed.

Climate Bank Roadmap Mid-Term Review

In the lead-up to COP28, the EIB’s Board of Directors approved the mid-term review of the EIB Group’s Climate Bank Roadmap. This comprehensive evaluation assesses the EIB Group’s progress toward the objectives outlined in its pioneering roadmap while considering regulatory and market developments. The Climate Bank Roadmap, adopted in 2020, operationalized the EIB Group’s ambition to transform itself into the EU climate bank and amplify its support for the European Green Deal and international climate goals.

The roadmap committed the EIB Group to support €1 trillion in green investments by 2030, aligning all operations with the principles and goals of the Paris Agreement. It also set a target for at least 50% of annual EIB financing to be dedicated to climate action and environmental sustainability by 2025 and beyond. The mid-term review confirms that the EIB Group is on track to meet these targets, with EIB climate action and environmental sustainability financing reaching 58% of total financing in 2022.

Since the adoption of the roadmap, the EIB Group has responded decisively to global challenges, increasing support for the green energy transition in Europe. This includes a 50% increase in the REPowerEU support package in July 2023, from €30 billion to €45 billion, aimed at accelerating the green energy transition, strengthening energy security, and promoting innovative technologies.

EIB Climate Survey: Support for Compensating Low-Income Countries

In anticipation of COP28, the EIB launched the sixth edition of the EIB Climate Survey. This year’s survey highlights strong global support for climate action that considers the impact on the most vulnerable. However, it also reflects heightened concerns about the cost of living in many EU countries. The survey, conducted since 2018, offers insights into the climate change-related views of people in major economies around the world, including the European Union, the United Arab Emirates, the United States, China, India, Japan, the United Kingdom, Canada, and South Korea.

Media Interviews

For interview requests with EIB President Werner Hoyer, EIB Vice-Presidents Ambroise Fayolle, Gelsomina Vigliotti, Thomas Östros or our experts, please get in touch.

EIB at COP28

Visit our website for an overview of EIB activities at COP28. The EIB has a pavilion in the side event area of the blue zone, hosting a series of events on various topics. The full agenda can be found on our website, and you are welcome to join these sessions live or view them later at your convenience. Additionally, the EIB shares a pavilion with the group of multilateral development banks, with a full agenda available on our website.

Background information

• In 2019, the EIB’s energy lending policy was adopted to end financing to any unabated fossil fuel energy projects, including natural gas, the first multilateral development bank to do so.
• In 2021, the EIB became the first MDB to align our financial activities with the Paris Agreement.
• With its Climate Bank Roadmap the EIB Group aims to support €1 trillion of investment in climate action and environmental sustainability through the critical decade, 2021-2030.
• The EIB has committed to increase investment in climate action and environmental sustainability to more than 50% of annual EIB lending by 2025 — last year that was exceeded with 58%.

EIB Global is the EIB Group’s specialised arm dedicated to operations outside the European Union, and a key partner of the EU’s Global Gateway strategy. We aim to support at least €100 billion of investment by the end of 2027, around one-third of the overall target of Global Gateway. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to local communities, companies and institutions through our offices across the world.

Media contact:

Bruno Hoyer
b.hoyer@eib.org
+352 4379 – 83045

Press Office

press@eib.org
+352 4379 – 21000

SOURCE: European Investment Bank