The European Investment Bank (EIB) confirmed, on Monday 13 January, that it had decided to increase the Bank's climate financing to 50% of all its loans, which “will make it possible to unlock €1 trillion in support of investment in climate projects by 2030”, EIB President Werner Hoyer told a joint meeting of the European Parliament’s Budget Committee and Economic Affairs Committee.
The EIB President recalled its new lending policy in the energy sector, which will lead the EIB to “stop financing traditional fossil fuels” and focus fully on energy efficiency, renewable energy and other innovative projects contributing to keeping global warming below 2°C.
Mr Hoyer confirmed that the EIB will contribute to the new European Green Deal and to the Just Transition Fund, as it has “a lot to offer in the climate field” (see other news). Responding to questions from MEPs, he said that the EIB would continue to be “a climate bank, but also a bank for innovation, SMEs and cohesion. When we talk about just transition, we are talking about areas that are very much affected by the shift away from fossil fuels”, he said.
In addition, Mr Hoyer hoped that a “good agreement” would be reached on the EU’s Multiannual Financial Framework (MFF) for 2021-2027. (Original version in French by Lionel Changeur)