The European Investment Bank (EIB) plans to dedicate 50 per cent of its financing to climate action and environmental sustainability by 2025, up from 31 per cent in 2019, it said on Thursday.
The European Union’s non-profit lending institution is rebranding itself as the bloc’s climate bank and is taking on a key role in the European Green Deal, a flagship programme developed by the EU executive to adapt the economy to climate challenges.
EIB chief Werner Hoyer said in a statement that as the bank announced its 2019 annual results that they are ramping up their climate action.
“Efforts to fight climate change are not just a huge challenge but a huge investment opportunity,’’ he added.
By 2030, the bank aims to mobilise 1 trillion Euros (1.1 trillion dollars) in green finance, for example by providing guarantees to attract private investors.
Late 2019, the EIB announced plans to phase out its financing for fossil…
Source: News Agency of Nigeria
