COP26: New partnerships and initiatives to support climate action worldwide – EQ Mag Pro
- EIB will triple climate adaptation finance with new Adaptation Plan
- EIB Group engages with clients to help them align to the goals of the Paris Agreement
- EIB joins global partners to support more ambitious climate action
The European Investment Bank (EIB) Group will participate in the United Nations Climate Change conference COP26 in Glasgow from 31 October to 12 November 2021.
The EIB Group (European Investment Bank and European Investment Fund) will launch new initiatives under its Climate Bank Roadmap, to support adaptation projects and engage with clients to help them align to the goals of the Paris Agreement. In addition, the EIB will join partner organisations and countries in calls to step up ambition on climate action.
EIB President Werner Hoyer commented: “The United Nations has called the latest IPCC report a code red warning for humanity. At the EIB Group, we have heard the warnings. As one of the leading multilateral banks for climate action, we are further increasing our climate ambition. We listened to the calls from the COP26 Presidency and the international community on how public banks must do more to help save the planet from global warming. We stand ready to work with our partners to increase our joint impact, and respond to the calls from the COP26 Presidency and international community.”
EIB Vice-President Ambroise Fayolle added: “To reach the goals of the Paris Agreement, we must scale up climate finance. The EIB comes to the COP26 conference with ambitious announcements on its own transformation as the EU climate bank. We continue to focus on demonstrating results and delivering even more action on the ground. We are also collaborating with our partner organisations to show impact and leadership on financing green innovation, protecting nature and supporting affordable and clean energy worldwide.”
EIB Vice-President Ricardo Mourinho Félix stated: “To meet the Paris climate goals, we must switch to a green economy and create opportunities to ensure that no one is left behind. At COP26, the EIB partners with fellow multilateral development banks on common principles to finance a Just Transition. We are currently working on a Just Transition proposal under our Climate Bank Roadmap, which will demonstrate how our lending, our financial instruments, but also our technical assistance and advisory services can support a green future for all of us, in particular in the regions that have the furthest to go.”
EIB Adaptation Plan
The EIB Adaptation Plan supports the objectives of the European Union Adaptation Strategy inside and outside the EU. The EIB pledges to increase the share of adaptation support to 15% of the bank’s overall finance for climate action by 2025. This represents an almost three-fold increase compared to adaptation finance over the past five years.
The EIB will screen all projects it finances for the risks of climate change and ensure they are adapted to future changes. A new advisory service called ADAPT will help public and private sector clients understand how climate change affects their operations.
Paris Alignment for Counterparties framework
The Paris Agreement commits countries to “make finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development”. Already since the beginning of the year 2021, all new EIB Group projects and operations are aligned with the goals of the Paris Agreement. But this leaves open the question as to whether the EIB Group can support a green project with a client that, in its wider activities, continues to invest in high carbon activities.
The new framework provides clarity: From 2022 onwards, EIB corporate clients will need to develop and disclose decarbonisation and resilience plans. In general, EIB will no longer finance standard low-carbon projects of high-emitting corporates if the corporate continues to operate or invest in activities that are not aligned with the goals of the Paris Agreement. Large financial institutions are asked to increase climate-related disclosures. The EIB Group is offering technical support to clients to help them prepare credible and robust climate plans.
EIB Climate Survey
The EIB has launched the fourth edition of the EIB Climate Survey, a thorough assessment of how people in the EU27, the United Kingdom, the United States and China feel about climate change. Conducted in partnership with market research firm BVA, the fourth edition of the EIB Climate Survey aims to inform the broader debate on attitudes and expectations in terms of climate action. More than 30 000 respondents participated in the survey between 26 August and 22 September 2021, with a representative panel for each country polled.
EIB at COP26
The EIB will be present with a pavilion in Hall 4 of the Scottish Event Campus and run a series of side events on numerous topics. You will find the full agenda here. You are welcome to join our virtual attendee hub to follow the sessions either live or in replay and network with attendees. With an easy two-steps registration, you will always have the latest information on our agenda.
Source: eib
