The EIB welcomes the European Council’s call for more climate action

Statement by Werner Hoyer, President of the EIB: The EIB welcomes the European Council’s call for more climate action:

”The EU Bank welcomes the request by the European Council to step up our activities in support of climate action. Last week I informed EU economy and finance Ministers that the EIB was prepared significantly to step-up its support to climate action if the EU Member States asked us to do so. They have now given us a very clear steer, and we are ready to respond.

The EIB Group is fully committed to sustainability and climate action. We have been at the forefront of EU efforts to champion the climate agenda from the start. As the EU bank, and as one of the largest climate action lenders globally, we face a special responsibility to mobilise finance to fight global warming and mitigate its consequences. Leveraging private investment is crucial – public investment will never suffice to achieve our climate objectives or any of the sustainable development goals.

It is our intention to redirect the EU Bank’s work in a way that makes all our investment consistent with the goal of achieving the Paris 2015 ambition. We will also propose to our shareholders new ambitious objectives for our financing directed at climate change reduction and adaptation, objectives consistent with the need globally to step up investment from billions to trillions.

As the EU Bank, we work hand in hand with other EU institutions. We are collaborating very closely with the European Commission in particular DG CLIMA to ensure the best EU response and plan to make the best possible use of InvestEU and other high profile initiatives, in cooperation with the European Commission and others to deliver on our climate commitments.

We will build upon our financial and advisory expertise to develop quality projects and help keep Europe at the forefront of the fight for sustainability and climate action worldwide.”

Between 2012 and 2018 the EIB Group invested EUR 150 bn in climate action and environmental sustainability, supporting a total investment of EUR 550 bn. The EIB Group pioneered Green Bonds in 2007, a market that has grown to more than EUR 530 billion since then.

Compliments of the European Investment Bank, a member of the EACCNY