Statement delivered by Mr. Werner Hoyer, President, European Investment Bank

V20 MINISTERIAL DIALOGUE VIII- 21 April, 2022

 Statements

10:00 pm Dhaka time/12:00 pm Washington DC time

Statement delivered by Mr. Werner Hoyer, President, European Investment Bank

Mr. Werner Hoyer

President, European Investment Bank

Excellencies, friends, colleagues, it’s an honor to address the Finance Ministers Group of Vulnerable Twenty and respond to your call to action to accelerate climate investments in adaptation finance. As the EU Climate Bank, we take this call very seriously. At COP26, we have launched EIB’s first dedicated adaptation plan as a tangible response for more adaptation action and as a key contribution to the implementation of the EU adaptation strategies. The plan has three goals;

First, we will increase our financing for adaptation to reach 15% of our climate action by 2025. This means almost tripling the EIB adaptation fund compared to the 2015 to 2020 period. We invest more and with more impact in priorities such as flood management, protecting energy and transport infrastructure and innovation by ramping up support for public and crucially, private sector action.

Second, we will support smarter and more systemic adaptation promoting the use of most robust climate information in the operation of finance. This implies that the EIB will strengthen its upstream engagement with partners and provide timely advisory services to clients.

Third, the EIB will accelerate global action on adaptation. As the EIB operates globally, we aim to provide tailored support to vulnerable regions worldwide also through just co-operations with solution brokers such as the Global Centre for Adaptation.

EIB’s development work represents an investment bridge between EU policies and projects on the ground in response to the growing demand for a strategic cooperation between the world and Europe. To increase the impact of our operation worldwide, at EIB, we have established this specialised development finance arm, the EIB Global. We strongly believe this will increase the value of the EIB group as a partner, will increase presence on the ground, and increase cooperation with partners. We will support solutions to protect people, businesses, and ecosystems in vulnerable regions. This will include projects aimed at reducing the impact of climate change on forced displacement and accelerate the adaptation of the least developed countries and small island developing states. Partnerships are key to EIB global operations and even more when it comes to adaptation.

We look forward to establishing closer ties with the V20 as we head towards COP27 and maximise joint impact. Thank you very much

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