EIB President Werner Hoyer participated in the Ministerial meeting organized by the Coalition of Finance Ministers for Climate Action (CFMCA) during COP28, on 4 December.
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Dear Minister Kaag,
Dear Minister Mulyani,
Ladies and gentlemen,
The European Investment Bank was the first MDB to end support to unabated fossil fuel projects - including gas.
But this decision was not just about what we would not do. It has gone hand in hand with a massive push for climate action. The impact of this decision is visible today. 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.
But 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, mobilise additional investment, 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 energies. And this shows very clearly 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 centre of our efforts. There will be a Just Transition or no transition at all.
Therefore, at COP28, we are announcing a new approach to supporting a just transition and resilience worldwide to better support those regions most affected by climate change efforts and impacts.