Brussels, 15/12/2003 (Agence Europe) - Margot Wallström, Environment Commissioner, and Philippe Maystadt, President of the European Investmen Bank (EIB), presented the Bank's planned initiatives to help to bring about a reduction in greenhouse gas emissions in support of EU's Emissions Trading Scheme during the 9th Conference of the Parties, COP9, in Milan, that ended on Friday.
The new initiatives will be mainly implemented through project financing activities, both inside and outside the EU, divided into three key initiatives: 1) a Dedicated Financing Facility of EUR 500 million, for commitment over 2-3 years, to provide appropriately structured loan finance for projects sponsored by promoters. Specifically those promoters participating in the EU Emissions Trading Scheme (ETS) and seeking to reduce their greenhouse gas emissions; 2) a proposal still under discussion for a Technical Assistance Facility (TAF) to provide conditional grant finance to help identify, prepare and market Joint Implementation (JI) and the Clean Development Mechanism (CDM) project-related carbon credits, in transition and developing countries respectively, that most likely would be linked to the EU ETS allowance market; and 3) the EIB is also exploring the potential for EIB parti! cipation in a carbon equity-type facility.
Outlining the measures, Maystadt said: "To address the challenges of Climate Change we need a broad coalition, we need to be creative and practical. The EU has invited countries and many other relevant players to contribute. The EIB together with partners in the business and financial community will continue to explore and implement new solutions for a sustainable development." Commissioner Wallström said: "I am happy that the Bank has proposed to provide targeted financial support for the EU Climate Change Policies and for the EU-based companies as well as governments that fall within its remit."