EIB pledges to finance clean investment in less developed countries

Oil&Gas Materials 30 September 2022 12:57 (UTC +04:00)
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, Sept.30. The European Investment Bank (EIB) will use its resources, like EIB Global, to finance clean investment everywhere, especially in less developed countries that need more support, said EIB Vice-President Thomas Östros at the European Sustainable Energy Week 2022, Trend reports.

“Accelerating the green transition globally is one of the main priorities of the European Investment Bank. With our goal to support €1 trillion in green investments by 2030, the EIB Group can make a crucial contribution not only to the decarbonisation of our economies, but also to strengthening energy security and making Europe less dependent on fossil fuels,” he said.

Östros pointed out that EIB supported offshore wind energy when the sector was still at its infancy.

“Today, we do the same with floating offshore wind, battery storage, and green hydrogen. We first introduced green bonds to global capital markets 15 years ago; and then we stopped financing unabated fossil fuels all together. More is needed now. As the window of opportunity to avert the worst of climate change is closing fast, financing the transition to net zero has become the biggest challenge we are facing. Substantial additional financial resources are crucial to support innovative technologies, such as green hydrogen, in sectors where no viable low-carbon alternatives exist at scale today, like heavy industry,” said EIB vice-president.


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