The EIB (European Investment Bank), at the COP27 in Sharm el-Sheikh wishes to highlight the need for a just transition. For this reason, it wishes to pay particular attention to projects concerning the African continent. It will use this opportunity to present a framework for environmental sustainability projects and to recall the importance of energy security.
For a just transition
ISB wants to increase its support for just transition projects worldwide. Ambroise Fayolle, Vice President of ISB, reminds us that countries do not have the same means to implement the green transition. Thus, through its World branch, ISB wishes to focus on green energy projects in Africa.
The ISB is about to publish a declaration for regions with carbon-intensive production. In this context of socio-economic fragility, it wishes to offer them financing and consulting services. In addition, ISB wants to expand the range of tools to finance a just transition worldwide.
The bank states that it will commit to supporting adaptation actions for populations vulnerable to the effects of climate change. Egypt, the host country for COP 27, has been an ISB intervention site since 1979. The European Investment Bank is working with the country on its strategy to combat climate change by 2050.
Multiple investments
Investments will be made in the energy, transport, agriculture and water resources sectors. COP27 will also see ISB call for the inclusion of gender in climate finance. In order to effectively combat climate change, the full participation of women is essential.
This means promoting equality between men and women, particularly in access to positions of responsibility. COP27 is also an opportunity for ISB to reiterate the importance of energy security. In this regard, Werner Hoyer states:
“Russia’s war on Ukraine is a human tragedy against a backdrop of catastrophe. It has also revealed the vulnerability and dependence of the world on fossil fuels.”
This COP27 will therefore be the showcase for the additional €30 billion funding for the REPowerEU plan. It aims to end the European Union’s dependence on Russian fossil fuels. This will be possible by investing in renewable energy and energy efficiency.
