At COP29, EIB Group to strengthen international partnerships for global climate action

This article is published in association with European Investment Bank.

• Multilateral development banks to accelerate support for climate action.
• New partnerships and initiatives from the EIB Group to finance the green transition.
• EIB Group consolidates role as the climate bank.

European Investment Bank (EIB) Group President Nadia Calviño will participate in the United Nations Climate Change Conference (COP29) taking place in Baku, Azerbaijan from 11 to 22 November 2024. Together with fellow heads of multilateral development banks (MDBs) as well as government and business leaders, President Calviño will present new initiatives and projects to accelerate global climate action. She will be accompanied by EIB Vice-Presidents Ambroise Fayolle and Teresa Czerwińska.

At COP29, MDBs are presenting strengthened country-level cooperation and co-financing and the first common approach to measuring climate results. In addition, MDBs plan to release a joint report on boosting a circular economy worldwide. In 2023, global climate finance by MDBs reached a record high of $125 billion while mobilised worldwide private finance nearly doubled to $101 billion compared with 2022.

The EIB Group, which also includes the European Investment Fund, will announce new initiatives at COP29 including additional support for sustainable transport, afforestation and energy efficiency for small and medium-sized enterprises (SMEs). 

“Climate change is the challenge of our generation and, more than ever, we need global leadership for urgent and ambitious climate action. As the financial arm of the European Union, and one of the world’s largest multilateral development banks, the EIB Group is stepping up to the plate with concrete solutions. Our investments are supplying clean and affordable energy to households and to power our industry and vehicles. They are supporting biodiversity and resilience to climate change. And we will finance the major breakthrough technologies that will make the difference in tackling climate change. It is not just the right thing to do but smart economics as well,” said EIB President Nadia Calviño.

“We are working closely with the incoming COP29 Presidency, the European Commission, governments and fellow multilateral development banks to help deliver an ambitious conference outcome. We all need to continue to think outside the box and expand the solutions we have to offer. This means supporting countries to free up financial resources for climate action, increasing finance and advisory services for climate adaptation and working on innovative solutions to mobilise private capital for climate action,” said EIB Vice-President Ambroise Fayolle, responsible for climate action and a just transition.

EIB Vice-President Teresa Czerwińska, responsible for net-zero and disruptive technologies and financing operations in Ukraine, Moldova, Georgia, Armenia and Azerbaijan, said: “In line with the European Union’s Economic and Investment Plan, the EIB stands ready to support Azerbaijan’s green transition. We are prioritising clean energy and sustainable transport investments as well as digitalisation and access to finance for SMEs.”

Climate bank role

In June 2024, EU Finance Ministers, meeting as the EIB Board of Governors, formally endorsed the EIB Group Strategic Roadmap laying out eight key priorities for the EU financing arm. The first priority is to consolidate the role of the EIB Group as the climate bank. Investment in physical infrastructure, such as interconnectors, grids, energy storage and renewables, will be reinforced as will support for biodiversity, a circular economy and nature-based solutions. Likewise, the EIB will step up its investments in R&D and its support to the whole value chain of key and emerging technologies for a net-zero economy. In order to support the new green economy throughout the European Union, a pilot will be launched for a new SME energy efficiency programme to scale up existing technologies generating material energy efficiency savings and leading to profits and productivity gains throughout the whole entrepreneurial landscape. A water programme will concentrate and reinforce existing resources for investing in infrastructure and efficient water management technologies to deal with climate mitigation and adaptation to floods, drought and rising sea levels.

EIB Climate Survey

In the run-up to COP29, the seventh EIB Climate Survey has been launched. This year’s edition shows clear support for action to adapt to climate change across Europe. The EIB Climate Survey covered 28 countries (EU27, United States) and surveyed more than 24 000 people in August 2024.

Media interviews

For interview requests with members of the EIB delegation, please get in touch with the press contacts below.

EIB at COP29

Find an overview of EIB activities at COP29 on our website. 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. 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 will find the full agenda here.

Background information

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.

The EIB Group has been transforming itself into the climate bank through more than a decade of progress and substantial investment, tied to several milestones: the world’s first green bonds in 2007, our first Climate Strategy in 2015 in the wake of COP21 in Paris, our new Energy Lending Policy in 2019 (ending support for fossil fuel energy projects), and then in 2020 the Climate Bank Roadmap.

• In 2023, EIB Group green finance reached nearly €50 billion, more than double the amount of green finance provided in 2019, when European countries asked the EIB to strengthen its role as the climate bank.
• In 2021, the EIB became the first MDB to align our financial activities with the Paris Agreement.
• With its Climate Bank Roadmap the EIB Group is on track to support €1 trillion of investment in climate action and environmental sustainability through the critical decade, 2021-2030.
• The EIB has committed to increase investment in climate action and environmental sustainability to more than 50% of annual EIB lending by 2025 – last year that was exceeded with 60%.
• In August 2024, the EIB passed the €100 billion mark of Climate Awareness Bonds and Sustainable Awareness Bonds  issuance. This makes the EIB the world’s largest issuer of green bonds as well as assured sustainable bonds with dedicated use of proceeds among multilateral development banks. To meet the needs of a broad investor base, the EIB has issued these bonds in 23 currencies, a market record.

EIB Global is the EIB Group’s specialised arm dedicated to operations outside the European Union, and a key partner of the European Union’s Global Gateway 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 EIB Group closer to local communities, companies and institutions through our offices across the world.