European Investment Bank to increase climate action investment in Africa

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European Investment Bank(EIB), the world’s largest global lender for climate related investment on Friday announced its commitment to support climate action and climate related investment in Africa.

In the last five years, the EIB has provided more than 90 billion euros for climate related investment around the world. In 2015 EIB climate finance reached a record high of 20.7 billion euros and representing a 27 percent of overall financing.

Jonathan Taylor, vice president, EIB said during an interview with journalists in Marrakech that the bank was looking at increasing its investment on climate change action to about 30 euros in the next few years.

He said the bank was looking at impact investment across Africa including Nigeria and Liberia where its banking partners are already making and negotiating new investments.

“The European Investment Bank welcomes the ratification of the UNFCCC Paris Agreement less than a year after COP 21, a key step to ensuring that the first-ever legally binding global agreement on climate can enter into force.

The EIB Taylor said recognises the importance of long-term finance to tackle a changing climate and the increasing role of climate finance to drive economic growth.

Taylor said the Paris Agreement has strengthened efforts to unlock more sustainable finance and catalyse greater investment where market innovation, national leadership and international finance all play a crucial role.

“This includes backing for long-term investment in new sustainable transport, renewable energy and energy efficiency schemes, as well as supporting investment to adapt crucial infrastructure to a changing climate both across Europe and around the world, in Africa, Asia, Latin America and in Europe’s eastern neighbours.”

He outlined how EIB the impact of support for climate investment in Europe has been strengthened under the Investment Plan for Europe and how future new lending in countries most impacts by the refugee crisis would also have a strong focus on supporting climate related investment.

Climate action is a key priority for the European Union’s long-term lending institution, the European Investment Bank.

“Transformational projects such as the Noor solar power plant at Ouarzazate and Lake Turkana wind farm in northern Kenya demonstrate how private investment across Africa can be unlocked to strengthen sustainable energy generation. Enabling future climate related investment of this scale and increasing the climate impact of all projects is crucial for successful implementation of the Paris agreement.” added Jonathan Taylor,

Climate related investment approved by the EIB since Paris ranges from zero-energy buildings in Finland, a billion euros for sustainable transport in Paris, construction of mobile breakwaters to protect islands in the Venice lagoon, and one of the world’s largest offshore windfarms, the 84 turbine Beatrice project that will provide sustainable power to an estimated 450,000 homes.

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