COP29: EIB Group to strengthen international partnerships for global climate action
Together with fellow heads of multilateral development banks (MDBs) and government and business leaders, European Investment Bank (EIB) Group President Calviño will present new initiatives and projects to accelerate global climate action at the United Nations Climate Change Conference (COP29) taking place in Baku, Azerbaijan from 11 to 22 November.
At COP29, MDBs are presenting strengthened country-level cooperation and co-financing and the first common approach to measuring climate results. In addition, MDBs plan to release a joint report on boosting a circular economy worldwide. In 2023, global climate finance by MDBs reached a record high of $125 billion while mobilised worldwide private finance nearly doubled to $101 billion compared with 2022.
The EIB Group, which also includes the European Investment Fund, will announce new initiatives at COP29 including additional support for sustainable transport, afforestation, and energy efficiency for small and medium-sized enterprises (SMEs).
“As the financial arm of the European Union, and one of the world’s largest multilateral development banks, the EIB Group is stepping up to the plate with concrete solutions. Our investments are supplying clean and affordable energy to households and to power our industry and vehicles. They are supporting biodiversity and resilience to climate change. And we will finance the major breakthrough technologies that will make the difference in tackling climate change. It is not just the right thing to do but smart economics as well,” said EIB President Nadia Calviño.
EIB Vice-President Teresa Czerwińska, responsible for net-zero and disruptive technologies and financing operations in Ukraine, Moldova, Georgia, Armenia and Azerbaijan, said: “In line with the European Union’s Economic and Investment Plan, the EIB stands ready to support Azerbaijan’s green transition. We are prioritising clean energy and sustainable transport investments as well as digitalisation and access to finance for SMEs.”
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