Opportunity For India? Will Support 1 Trillion Worth Of Climate Action Investment, Says European Investment Bank

The EIB building in Luxembourg. (Palauenc05/Wikimedia Commons)

At the UN Climate Action Summit 2019 and the UN General Assembly, the European Investment Bank (EIB), the EU Bank, on Saturday (21 September) announced to unlock and support 1 trillion euros of climate action and environmentally sustainable investment in the decade to 2030.

At the UN Climate Action Summit, the EIB will be discussing its new ambition for climate action with delegates from countries, business, the private sector and civil society with focus being on increased support for climate change adaptation and climate-resilience.

"We have just over 10 years to turn the tide on the climate and environmental emergency. We are putting our natural resources, our economies, our communities and our way of life at risk, potentially creating an unmanageable situation for the next generation," said EIB President Werner Hoyer.

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EIB Vice-President Emma Navarro, who is responsible for climate action and environment, added: "The EIB Group has been at the forefront of the fight against the climate emergency, supporting European climate leadership."

"Since 2012 we have provided EUR 150 billion of finance supporting EUR 550 billion of investment in climate action and environmental sustainability, making the EIB Group one of the world's largest multilateral providers of finance for projects supporting these objectives."

The EIB President will discuss how the EU Bank can support a carbon-neutral economy through its future Energy Lending Policy, notably during the Bloomberg Global Business Forum focusing on ‘Decarbonisation Trends in the Energy Sector' on September 25.

The EIB partners with Leadership for Urban Climate Investment (LUCI), one of the official initiatives of the UN Climate Action Summit.

The EIB President will present the initiative at the summit.

The initiative aims at strengthening the capacity of 2,000 cities in project preparation, creating 1,000 bankable climate-smart urban projects, linking 1,000 of such projects to finance by 2030 and creating new, innovative financing mechanisms that are utilized by 100 projects until 2025.

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