The European Investment Bank (EIB) has pledged to stick to its target of investing around €93.5 billion (£80bn) in climate action over the next five years.

That’s the largest finance contribution of any single multilateral institution, according to the UN.

The bank this week announced it overshot its overall climate finance target for the seventh year running, providing more than €19 billion (£16bn).

The EIB already committed to increase its lending for projects in developing countries to curb greenhouse gas emissions to 35% of total lending by 2020.

The UN Framework Convention on Climate Change (UNFCCC) states: “The contributions of financial institutions such as the EIB are crucial to enable countries to reach their central target under the Paris Climate Change Agreement, which is to keep the global average temperature rise to well below 2C compared to pre-industrial levels.”

EIB funding supports sustainable projects in more than 160 countries.