On 22 April in New York, a high-level signing ceremony, convened by Secretary-General Ban Ki-moon, will take place as a first step in implementing the Paris Agreement, which was adopted in Paris last December. EIB President Werner Hoyer said, “The signature marks a historic achievement of international diplomacy and politics. But the job is far from complete, today’s signature must now spur us into action. Guided by its robust climate strategy, the EIB is getting down to business: mobilising finance and expertise for climate action both in Europe and in countries in the frontline of global warming.”
President Hoyer added , “The role of the Multilateral Development Banks will be crucial in turning the Paris Agreement into reality. The EIB will continue to provide leadership and build on the important partnerships sealed at COP21 in Paris – particularly in agreeing common standards when it comes to Green Bonds and in ensuring that climate features in everything we do.”
Delivering the Paris Agreement implies realizing net zero emissions from 2050 onwards. The Agreement also calls for aligning all financial flows with pathways to low carbon and climate resilient development. It is expected that public banks, like the EIB, will play a central role in generating the pipelines of quality climate action projects and in providing risk-sharing measures aimed at catalysing private finance. MDBs, investors in general, governments, local communities and private entities must consider climate change in everything we do and identify synergies with other development challenges.