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Werner Hoyer, President of the European Investment Bank

<strong>Werner Hoyer, President of the European Investment Bank</strong>
15 . Apr . 2024

During COP28, on 4 December, EIB President Werner Hoyer in the thematic session “Multilateral climate resilient debt clauses” highlighted: “The EIB has gradually phased out investments in fossil fuels and is investing record amounts in renewable energy. To promote solidarity, we give our partners breathing space, deferring loan repayments when disaster strikes. Why are we doing it? It’s not because we are noble or generous. We are a bank, and a successful bank is one that earns the trust of its partners and clients. We also don’t want climate change to propagate food and water insecurity, conflict, and mass migration. A livable planet is in the interest of our shareholders: the EU member states.”

“We made ambitious commitments, and we are on track to deliver on them. In 2022 alone, we supported climate action projects worth almost €37 billion. However, alone, we cannot turn the tide. Most of our projects in developing countries are co-financed with other MDBs. And we need more of this. As a collective we are stronger, and this is particularly true among multilateral development banks. Partnerships are key. We also need partnerships with the private sector. These allow us to leverage our scarce capital, mobilize additional investments, and increase our impact.” “The economic case for many climate action projects has been strong – just look at the surge in renewables. Last year alone, we invested €19 billion in clean energy. And this very clearly shows that there is no trade-off between climate action and development. Climate change affects every region on this planet. We must make sure those most affected by climate change are at the center of our efforts. There will be a fair transition or no transition at all.”

“2023 seems destined to be the hottest year on record. Fires, drought, and extreme flooding around the world have had a heavy economic and human toll. The evidence is clear: a study produced by the European Central Bank indicates that the longer we wait to reduce emissions and transition to a green economy, the higher the cost will be. And a survey by the European Investment Bank on investments in 2023 reveals two thirds of European enterprises are already suffering damage and loss due to climate change.

Finance tools such as the EU green bonds will help drive innovation in clean technology and would be even more effective in a fully completed capitals market union. Custom-tailored financing solutions or guarantees to mitigate the risk associated with highly innovative private investments – such as floating offshore, green hydrogen, and new battery technology – will help develop the infrastructure that Europe requires to achieve Net Zero.”

Sources:

COP28: President Hoyer at the Presidency roundtable on climate resilient debt clauses: A call to action COP28: President Hoyer at the Presidency roundtable on climate resilient debt clauses: A call to action (eib.org)

COP28: President Hoyer at the CFMCA Ministerial meeting COP28: President Hoyer at the CFMCA Ministerial meeting (eib.org)

Now is the time to climate-proof Europe’s economy Now is the time to climate-proof Europe’s economy (europa.eu)

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