BAKU, Azerbaijan, November 10. The European
Investment Bank (EIB) Group is set to announce a series of new
initiatives to accelerate global climate action at the 30th United
Nations Climate Change Conference (COP30) in Belém, Brazil, taking
place from today through November 21, Trend reports via the
EIB.
The EIB Group — which includes the European Investment Fund
(EIF) — will present the measures in collaboration with business
and government representatives from the European Union and other
regions. The new projects will target climate resilience, women-led
initiatives in the Amazon, electricity grid upgrades in Brazil, and
financing for clean energy across Latin America. The Group will
also highlight expanded efforts to promote reforestation and
protect biodiversity in emerging economies.
During COP30, multilateral development banks (MDBs) will present
progress reports on mobilizing finance to help countries achieve
ambitious climate goals. The updates follow a joint statement
issued at COP29 in Baku, Azerbaijan.
On September 30, the EIB’s Board of Directors unanimously
approved Phase Two of its Climate Bank Roadmap, alongside the
Energy Sector Orientation strategy. The next phase focuses on three
key priorities:
Boosting competitiveness and clean energy access: Ensuring
affordable, locally produced clean energy for households and
businesses while fostering innovative cleantech solutions.
Doubling adaptation finance: Increasing investment in climate
adaptation to €30 billion between 2026 and 2030. The EIB notes that
extreme weather events in Europe this summer caused at least €43
billion in economic losses, while every euro spent on prevention
saves between five and seven euros in future damages.
Streamlining green finance access: Simplifying procedures to
make green funding more accessible, particularly for SMEs. The
Group plans to cut bureaucracy by introducing simplified assessment
tools, using existing regulatory standards, and expanding “green
checker” mechanisms.
