EIB at COP27: Financing a global just transition to climate neutrality

The European Investment Bank (EIB) Group will convey the urgency of mobilising massive resources for global warming mitigation and adaptation at the United Nations Climate Change Conference (COP27), in Sharm El Sheikh, Egypt, from 6 to 18 November 2022. The EU bank will affirm its unwavering commitment to deploying its full range of financial tools in support of the swift de-carbonization of our economies.

The EIB Group (European Investment Bank and European Investment Fund) will launch new initiatives under its Climate Bank Roadmap, supporting a just transition to climate neutrality globally, and a framework to promote environmental sustainability. In addition, the EIB will team up with partners to announce new green financing projects and initiatives.

EIB President Werner Hoyer commented: “Russia’s war against Ukraine is a catastrophic human tragedy. It has also exposed the world’s vulnerability and dependence on fossil fuels. Decarbonisation 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.”

EIB Vice-President Ambroise Fayolle added: “To meet the Paris goals we must halve global emissions 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.”

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.”

The EIB boosts clean energy financing in support of REPowerEU Plan

The EIB Group will support the European Commission REPowerEU Plan with an additional €30 billion in loans and equity financing over the next five years. The additional funds from the EIB Group will be directed to renewables, energy efficiency, grids and storage, electric-vehicle charging infrastructure, and breakthrough technologies, such as low-carbon hydrogen. The package of new, targeted financing approved by the EIB’s Board of Directors on 26 October is expected to mobilise up to €115 billion of new investment by 2027, thus making a substantial contribution to the REPowerEU objective of ending dependency on Russian fossil fuels. It is a supplementary envelope, on top of the EIB Group’s already robust support for the energy sector in the European Union, averaging around €10 billion of financing per year over the past decade.

Just transition everywhere

The EIB pledges to expand its range of financing tools for projects aimed at supporting a just transition to a climate-neutral economy across the world. At COP27, the EIB will release a statement to offer financing and advisory services in regions that combine carbon-intensive production with socioeconomic fragility. Moreover, in the context of a just resilience strategy, the EIB will pledge to support adaptation actions explicitly addressing the needs of population groups most vulnerable to the impacts of climate change.

Environment framework

At COP27, the EIB will launch its environment framework to support environmental sustainability projects globally, thereby pursuing a green, resilient, equitable and inclusive development approach. The EIB will 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. The EIB 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.

Accelerating gender-smart climate finance

The full participation of women as leaders, employees, entrepreneurs and consumers is essential for climate finance to be effective and tackle the climate crisis at the speed and scale necessary. 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.

The EIB Climate Survey

The EIB has launched the fifth edition of the EIB Climate Survey, a thorough assessment of how people feel about climate change. Conducted in partnership with market research firm BVA, the EIB Climate Survey aims to inform the broader debate on attitudes and expectations in terms of climate action. More than 28 000 respondents from the EU27, the United States, China and the United Kingdom participated in the survey in August 2022, with a representative panel of people aged 15 and above for each of the 30 countries polled.

In addition, the EIB is supporting a report carried out by Debating Europe/Debating Africa called Securing Our Future: 100 African and European Voices on Climate Change, Conflict and Security. A series of focus groups asked young people across both continents how the COVID-19 pandemic and the Ukraine war have affected their perception of threats, as well as the role governments and financial institutions should play in resolving them. The report will be released during the first week of COP27.

Media interviews

If you are interested in interviewing EIB President Werner Hoyer, EIB Vice-President Ambroise Fayolle, EIB Vice-President Gelsomina Vigliotti or our experts or would like to receive additional information, please get in touch.

EIB at COP27

The EIB has a pavilion in the side event area of the Blue Zone and is running a series of events on numerous topics. You will find the full agenda here. You are welcome to join our virtual attendee hub to watch the sessions either live or later at your convenience, and network with attendees. With an easy two-step registration process, you will always have the latest information on our agenda.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union 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% 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.

EIB Global is the EIB Group’s new specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnerships within Team Europe, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.

Source: newsghana.com.gh