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Commission teams up with EIB on climate finance initiative


Wednesday, 23 June 2010

Commission teams up with EIB on climate finance initiative

The European Commission and the European Investment Bank (EIB)  agreed to explore a joint climate finance initiative to provide funding for developing countries. They also made public a political agreement on mobilising billions for clean energy projects from the EU's Emissions Trading Scheme reserves. The joint climate finance initiative would help deliver the billions of climate finance the EU pledged at the Copenhagen climate conference last December during international negotiations over a new climate treaty.The idea behind the joint efforts is to combine grants from the Commission and member states with loans from the EIB and other European financial institutions, explained EIB Vice-President Simon Brooks. The two institutions are already cooperating in implementing the Global Energy Efficiency and Renewable Energy Fund (GEEREF), which has since its launch in 2008 provided finance to renewable energy funds in Southern Africa and Asia. The EIB's role in climate finance is on the rise as the EU executive proposed in April to increase the bank's overseas lending by €2 billion between 2011 and 2013. The extra money will be directed towards climate protection.

Source: Euractiv.com