BAKU, Azerbaijan, December 4. It's important to partner with governments and MDBs to boost climate financing, Gelsomina Vigliotti, Vice-President of the European Investment Bank (EIB), said during the Media Briefing for European Investment Bank - UNCCD COP16 in Riyadh, Trend reports.
“We are very glad to be here, especially at the year in which the three COPs, the biodiversity, the climate, and the desertification were held back to back. And these are three areas where the EIB is particularly active. We call ourselves the Climate Bank since already almost 10 years, and we decided to abide completely to the Paris Agreement and to have climate as one of our major horizontal objectives,” she said.
Vigliotti noted that the EIB has specific targets to have in 2025 the 50 percent of its activities completely dedicated to climate action, and to mobilize 1 trillion euro of resources for climate by 2030.
“To us what is important is not only the funding that we do, but also our ability to attract other forms of investment. And I was talking about these three major events on climate, biodiversity, and recertification. I don't think that it's possible to distinguish among all this issue,” said the EIB VP.
Vigliotti went on to add that there aren't sufficient resources that can cope with the challenges.
“And that's why it's important to partner with the governments. It's important to partner with other financial institutions. It's important to partner with the other MDBs, because together we can put together resources and we can enhance investment and improve investment in these important areas. I think that this is an important public commitment that we take, since we can address this issue only if we not only put together resources but also that we make the case also for governments to provide the right incentives,” she noted.
EIB VP pointed out that there are incentives which can be put through policies and the dialogue between the private sector, the financial institution and the governments.
“We can also incentivize and provide the right policies to address the questions,” she added.
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