EIB says it increased clean investment after Paris

The European Investment Bank (EIB) has increased its investment in clean energy projects worldwide since the Paris Agreement last year. The landmark deal, which has been ratified by more than […]

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By Jacqueline Echevarria

The European Investment Bank (EIB) has increased its investment in clean energy projects worldwide since the Paris Agreement last year.

The landmark deal, which has been ratified by more than 100 countries so far, entered into force last week.

According to EIB’s Vice President Jonathan Taylor, the bank’s efforts included providing funds for new sustainable transport, renewable and energy efficiency schemes.

It also provided investment to adapt crucial infrastructure to a changing climate both across Europe and around the world.

The EIB added it has provided more than €90 billion (£77.4bn) in the last five years for climate related investments globally.

Last year its climate finance reached “a record high” of €20.7 billion (£17.8bn) and represented 27% of overall financing.

Jonathan Taylor, EIB’s Vice President said: “The EIB recognises the importance of long term finance to tackle a changing climate and the increasing role of climate finance to drive economic growth. The Paris Agreement has strengthened efforts to unlock more sustainable finance and catalyse greater investment where market innovation, national leadership and international finance all play a crucial role.”