Statement delivered by Mr. Ambroise Fayolle, Vice President, European Investment Bank (EIB)
V20 MINISTERIAL DIALOGUE X
16 April 2023
Mr. Ambroise Fayolle, Vice President, European Investment Bank (EIB)
EIB is the Bank of the European Union, so I cover the opinion on climate and development are key elements of our actions, so they are key elements of the action of the European Investment Bank. And we are already actually doing 60 percent of our action in supporting climate action in the world.
I would say one thing on instruments that I take from this meeting, and which we are working, and one thing on what I think is important is innovation. We need to improve the instruments that we have and here there are two things on which we are working: One is long term maturities and the second one is whether the Minister of Barbados has said which is how to include natural disaster clauses upfront in our contracts.
The thing that I also think is we need to increase and improve our innovation here. There are two things we are working on currently: The first one is a global wind bond initiative with an open commission to support an extension of premium bond markets in partner countries. The second one is of course the RST with the IMF and budget. We are active in Rwanda and in Barbados.
I would just like to say that I so confidently share Alexia’s point on risk and the need to link micro and macro risk on climate. As the EU Climate Bank, we know that production in climate is needed, and we stand ready to make this happen.