Eib Paris Agreement

The EIB will provide EUR 300 million to Siemens Gamesa Renewable Energy (SGRE), one of the world`s leading wind turbine manufacturers, to implement its research, development and innovation (RDI) plan for 2020-2023. The agreement provides for a loan of 150 million euros, which can be renewed next year for another tranche of an equivalent amount. The investments will be made in SGRE`s research and development centres in Spain (Navarre, Vizcaya and Madrid) and Denmark (Aalborg and Brande). The EIB`s Board of Directors, which met on wednesday, pledged to align all financing activities with the objectives and principles of the Paris climate agreement by the end of 2020 and promised to apply a principle of «non-significant damage» across its portfolio. The draft climate roadmap will be reviewed by the Bank`s directors on November 11. The EIB, the EU`s lending department and the world`s largest multilateral donor, will finalise its roadmap for 2021-2025 until the end of 2020. The roadmap will show how the Bank intends to align its activities with the Paris climate agreement. Eib Vice-President Emma Navarro, responsible for climate and environmental action, said: «To achieve the Paris climate targets, we urgently need to raise our ambitions, and that is what we have done today. Two weeks before the UN climate change conference in Madrid, these decisions send an important signal to the world: the European Union and its bank, the EIB, are committed to mobilizing investments on an unprecedented scale to support climate change projects around the world. We are also committed to aligning all EIB Group activities with the principles and objectives of the Paris Agreement by the end of 2020.

Any funding that is not green will be made sustainable, in accordance with the requirements of the Paris Agreement. It is remarkable that the statement does not concern the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB), which opposed language coal, according to Climate Home. «We now expect action to be taken. Full implementation and transparency of progress reports will be essential to make it a gold standard for other banks,» he said. Environmental sustainability – we support activities that promote sustainable management of natural resources, biodiversity and the environment – learn more. We must work together to reduce greenhouse gases and improve resilience to the effects of climate change. The fight against climate change and the preparation of cities for the changes that are now resigned will help all human beings in the world. The EIB adopts the Bei`s climate strategy – mobilizing funds for the transition to a low-carbon and climate-resilient economy. The EIB`s climate strategy is the result of a public consultation on the REVIEW of the EIB Group`s approach to climate action.

It builds on existing policies and initiatives and refers, if necessary, to other documents, such as EIB sector policy, public statements and methodological descriptions. It provides a forward-looking statement outlining the future direction and evolution of their climate actions.