Africa is set to tap into the emerging $100b investment by the European Investment Bank (EIB) to fight against climate change across the globe.
The facility which can be said to be the largest climate finance contribution of any single multilateral institution will run for five years to 2020.
The new deal is coming from a statement issued at the ongoing United Nations Conference of Parties (COP 23) in Bonn, Germany on Thursday.
The statement said “The EIB is already exceeding its own targets for climate finance, and thanks to innovative and targeted projects the impact of those projects are growing both in terms of helping to cut emissions and in helping countries to adapt to the effects of climate change like increased flooding and drought”.
However, turning the “billions into trillions” will take more than the efforts of one institution, the statement said.
It noted that the EIB, which is the world’s largest financier of climate action alongside its partners, was committed to putting the Paris Agreement into practice.
“That means getting the private sector on board and working alongside fellow Multilateral Development Banks and other EU institutions. Here the EIB is using its experience as Europe’s “crowding-in bank” to help the international community meet its ambitious goals.
As the conference goes on, the EIB’s President Werner Hoyer would lead the EIB delegation in Bonn, alongside Jonathan Taylor, Vice-President for Climate and Ambroise Fayolle, Vice-President for Development, as well as a team of EIB climate finance and policy experts, to discuss issues including; how the world’s largest financier of climate action could help put the Paris Agreement into practice.
Strategic key issues to be discussed include “building climate resilience for the world’s small islands and vulnerable states, Water lending and climate adaptation – the Cinderella of climate finance. Why it matters and how to do it; with key event showcasing projects and partners in and out of Europe.
“Cities, climate and natural capital – how can we help cities finance climate action and the environment together, and another event on enhancing resilience in cities through nature-based solutions; technical solutions and financing options, would also be discussed.
Business Hilights gathered that many delegates attending the COP23 have expressed optimism that the outcome of the conference would be more positive and that negotiators would have a smooth sailing with deliberations on climate change adaptation and mitigation negotiations.