The EIB (https://www.EIB.org)is the first international financial institution to launch a just resilience approach to be applied from 2024 onwards; EIB is expanding its support for a just transition globally including through Just Energy Transition Partnerships and Team Europe initiatives in 9 pilot countries; the new approaches aim to support those most impacted by climate policies and vulnerable to climate change.
At the COP28 climate change conference, EIB Global, the development arm of the European Investment Bank (EIB), has presented its new approach (https://apo-opa.co/47ZYbJO) to increase financing and advisory services in support of a just transition and just resilience worldwide. The EIB will be the first international financial institution to apply a just resilience approach from the start of 2024. Building on its considerable work in the European Union, in support of communities impacted by decarbonisation efforts, EIB Global has also announced it is expanding its just transition support worldwide.
EIB Global will work with public and private partners to identify opportunities and address challenges related to a just transition and just resilience. EIB Global backs projects through direct as well as intermediated lending through funds, banks, and micro-finance institutions. In addition, EIB Global is seeking to build financial, technical and knowledge partnerships to help prepare just transition and just resilience projects worldwide.
“Decarbonising our economies and making them climate resilient must happen in a socially responsible way or it will not happen and we will not manage to meet the urgent goals we have set ourselves,” EIB Vice-President Ambroise Fayolle said. “Under the new EIB Global approach for just transition and just resilience, we will be directing more support, through Team Europe initiatives, to those countries and people who are most acutely impacted by the climate crisis and are most impacted by climate policies. I call on our partners to join us in this crucial endeavour to back sustainable investment projects that leave no one behind.”
Pioneering Just Resilience
Just Resilience aims to ensure that climate adaptation policies and projects take into account the needs of everybody to avoid unintended impacts. Increasing climate resilience and ensuring just climate adaptation policies are urgently needed as rising temperatures are increasing geographical and social inequalities with devastating consequences.
From 2024 onwards, EIB Global, will focus its just resilience support on least developed countries, fragile and conflict affected states, and small island developing states. Moreover, EIB Global will target climate adaptation actions involving or benefitting those depending on natural resources and ecosystems for their livelihoods, including indigenous people, women and non-binary, young people, migrants, and other groups bearing unequal climate change burdens across the globe. EIB Global will take a more integrated approach to climate adaptation and social inclusion and combine related metrics.
A Just Transition that leaves no one behind
In the European Union, the EIB has for a long time been supporting communities impacted by the shift to a net zero future. EIB Global is now building on this experience and is extending its just transition activities in regions most affected by decarbonisation efforts and where there is an intention to shift to more sustainable economies.
EIB Global will initially focus its just transition activities on nine pilot countries: Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, Serbia, Ukraine, South Africa, Indonesia, and Vietnam (https://apo-opa.co/3GwYgJn). It will support workers affected by the green transition, support projects in low-carbon infrastructure, energy efficiency, renewable energy (https://apo-opa.co/47HS654), the development of small and mid-sized companies, education, training, and retraining, as well as environmental rehabilitation.
In doing so, EIB Global is supporting Just Energy Transition Partnerships and is working alongside Team Europe Initiatives to end coal-based energy production. Beyond the pilot countries, EIB Global will assist workers and communities affected by the closure of fossil fuel plants or activities involving fossil fuel extraction. EIB Global is prioritising the regeneration and decontamination of sites, land rehabilitation and ecosystem restoration and green infrastructure.
Distributed by APO Group on behalf of European Investment Bank (EIB).
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EIB at COP28:
Find an overview of EIB activities at COP28 on our website (https://apo-opa.co/4a1UzsG). The EIB has a pavilion in the side event area of the blue zone and is running a series of events on numerous topics. You will find the full agenda here (https://apo-opa.co/3GpmrJI). You are welcome to join to watch the sessions either live or later at your convenience. In addition, the EIB shares a pavilion with the group of Multilateral Development Banks. You find the full agenda here (https://apo-opa.co/481ZS9D).
About the EIB:
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
- In 2019, the EIB’s updated Energy Lending Policy was adopted to end financing to any unabated fossil fuels energy projects, including natural gas, the first Multilateral Development Bank to do so.
- In 2021, the EIB became the first MDB to align our financial activities with the Paris Agreement.
- Through its Climate Bank Roadmap (https://apo-opa.co/4179bTu) the EIB Group aims to support €1 trillion of investment in climate action and environmental sustainability through the critical decade, 2021-2030.
- The EIB committed to increase investment in climate action and environmental sustainability to more than 50% of the EIB’s annual lending by 2025 – last year that was exceeded with 58%.
EIB Global (https://apo-opa.co/46JP92G) is the EIB Group’s specialised arm dedicated to operations outside the EU, and a key partner of the EU’s Global Gateway (https://apo-opa.co/3Nd1jdz) strategy. We aim to support at least €100 billion of investment by the end of 2027, around one third of the overall target of Global Gateway. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local communities, companies and institutions through our offices across the world (https://apo-opa.co/3RasgzG). Website: www.EIB.org/press