EIB creates climate advisory council to step up climate action

Doaa A.Moneim , Thursday 2 Sep 2021

The EIB Group’s Climate Bank roadmap sets out in detail how the EIB Group aims to support the objectives of the European Green Deal and sustainable development outside of the European Union

EIB
File Photo: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters

The European Investment Bank (EIB) Group has formed a Climate and Environment Advisory Council that is anticipated to provide independent advice and expertise on the activities that the EIB Group is executing to meet its climate action and environmental sustainability obligations.

On Wednesday, the advisory council met for the first time and discussed the EIB Group’s Climate Bank roadmap and, in particular, the EIB’s activities to support adaptation to the impacts of climate change and the EIB Group Paris Alignment for Counterparties Framework.

The meeting was chaired by President of the European Central Bank (ECB) Christine Lagarde and included the founding members of the Advisory Council.

The EIB Group’s Climate Bank roadmap sets out in detail how the EIB Group aims to support the objectives of the European Green Deal and sustainable development outside of the European Union (EU).

On his side, EIB President Werner Hoyer said that climate change remains a decisive challenge at present and requires a rapid global response.

“The EIB Group is preparing a strong contribution for the COP26 climate conference in Glasgow in November. I am thrilled that we can now count on a group of top world leaders to assist us in strengthening our role as the EU Climate Bank. I want to thank all the Advisory Council members and express special gratitude to Christine Lagarde for accepting to chair this highly distinguished group”, he added.

ECB President Christine Lagarde stated that climate change is one of the greatest challenges faced by mankind this century.

The EIB is active in around 160 countries and is the world’s largest multilateral lender for climate action projects.

The group has also recently adopted its 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 percent of the EIB’s finance for climate action and environmental sustainability by 2025.

As of the beginning of 2021, all new EIB Group operations have been aligned with the goals and principles of the Paris Agreement.

From 31 October to 12 November, the 26th UN Climate Change Conference of the Parties (COP26) is scheduled to be held in Glasgow, Scotland.

The COP26 summit aims to accelerate action towards meeting the goals of the Paris Agreement and the UN Framework Convention on Climate Change.

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