European Investment Bank to urge financing for a global just transition to climate neutrality at COP27

MENA , Ahram Online , Friday 4 Nov 2022

The European Investment Bank (EIB) Group will emphasise the urgency of mobilising massive resources for global warming mitigation and adaptation at the United Nations Climate Change Conference (COP27) that is set to be held in the Red Sea city of Sharm El-Sheikh on 6-18 November, the bank said in a statement.

The logo of the Galeria Karstadt Kaufhof department
The logo of the Galeria Karstadt Kaufhof department store is pictured above an entrance next to a placard for a referendum on climate neutrality in the German capital with the lettering reading It is not too late , near Alexanderplatz Square in Berlin on November 2, 2022.

 

The EU bank will affirm its unwavering commitment to deploying its full range of financial tools in support of the swift decarbonisation of the world’s economies.

The EIB Group will launch new initiatives under its Climate Bank Roadmap to support a just transition to net-zero carbon emissions 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 said that the Russian invasion of Ukraine has been a "catastrophic human tragedy” that has also exposed world’s 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 renewable energy efficiency and innovative technologies that will power sectors such as heavy industry, shipping and aviation.”

Hoyer followed this up by emphasising the banks commitment to financing new technologies for green solutions, in conjunction with its partners.

Meanwhile, EIB Vice-President Ambroise Fayolle highlighted the importance the importance of providing climate financing to those countries and communities with the greatest need.

“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," Fayolle explained.

Finally, EIB Vice-President Gelsomina Vigliotti reiterated the bank’s close cooperation with Egypt to make the conference a success.

“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."

Search Keywords:
Short link: