Baku, Azerbaijan, Sept.24
By Leman Zeynalova – Trend:
The European Investment Bank (EIB) will phase out the energy projects that depend on unabated fossil fuels, Trend reports citing EIB President Werner Hoyer.
“We aim to unlock more than 1.1 trillion dollars of climate action and environmental investment over the next decade through EIB financing. A significant share of this will be in cities. To achieve this. at least 50 percent of EIB Group finance will be for climate action and environmental sustainability by 2025. In addition, by the end of 2020, the EIB Group will align all its financing activities with the goals of the Paris Agreement,” he said addressing the UN Climate Action Summit.
An important first step will be phasing out energy projects that depend on unabated fossil fuels, according to Hoyer.
President Hoyer described the EIB as an “incubator for climate finance and expertise to mobilize others, helping our societies and economies transform to a low carbon future”.
The European Investment Bank is the lending arm of the European Union. It is the biggest multilateral financial institution in the world and one of the largest providers of climate finance.
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