The debate explored solutions to address market gaps and bottlenecks holding back renewable energy investments in Africa, and underlined the many opportunities existing for the development of renewable energy.
EIB Vice-President Ambroise Fayolle stressed the importance of increasing the use of mechanisms such as guarantees to ‘de-risk’ renewable energy projects in Africa, in order to make them bankable and attract more investors. He also mentioned technical assistance as a way to provide an enabling environment for such investments. Through the example of a solar plant in Gambia, he explained how the EIB is bringing in concessional finance in collaboration with the European Commission.
All panellists agreed on the necessity to join forces to support green energy projects and their scaling-up, and develop a green bond market in Africa, notably through Team Europe, in order to reach the objectives of the Paris Agreement and the EU Green Deal. Carla Montesi outlined how the EU Green Deal is going global and presented the EU energy objectives for Africa which focus on renewable energy and energy efficiency, in context of growth, jobs and economic transformation.
Supporting a green recovery in Latin America and the Caribbean
During the EDDs, Kristin Lang, EIB’s Head of Latin America & Caribbean Division, participated in the partnerships for climate finance and a green recovery brainstorming lab, hosted by the European Commission’s Directorate-General for International Partnerships.
Based on successful practices in the Latin American and the Caribbean region, the panel looked at new ideas to trigger transformation for sustainable finance by focusing on three main threads: 1. Strengthening national policy framework conditions; 2. Developing bankable green projects; 3. Creating strong partnerships tailored to sustainable objectives and promoting a green recovery.
The panel reviewed a case study presentation, featuring a series of one minute pitches on strengthening national framework conditions, developing bankable green projects and creating strong partnerships between technical cooperation and the financial sector. The brainstorming lab provided a good forum for the EIB to share best practice and highlight success stories financed by the Bank in Latin America and the Caribbean.
New EIB loan for Barbados to tackle the COVID-19 pandemic
Joined by representatives from Barbados, Kristin Lang announced the EIB’s freshly signed loan to provide long-term financing to support the country’s COVID-19 pandemic response and to support new healthcare investments. The USD 60 million agreement will help the Barbados government to buy treatment capacity for COVID-19 patients, lab capacity and equipment, quarantine facilities, IT equipment, vaccine storage, track and tracing, and logistics, transport and monitoring activities.
During the two days of the EDDs, the EIB welcomed and engaged with visitors on its virtual stand. EIB experts explained how the bank is supporting developing countries to find and finance innovative climate solutions in sectors such as water, clean energy, and sustainable urban development, with its partners, notably through Team Europe.
EIB President Werner Hoyer participated in the fifteenth session of the United Nations Conference on Trade and Development (UNCTAD), hosted by Barbados, to explore how policies and financial instruments can help build a more resilient and equal world.