President Werner Hoyer’s speech during the High-Level Dialogue on Energy, held in New York City on 24 September 2021.


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Secretary General,

Excellencies,

 

Six months ago, I had the pleasure to join you at the launch of this important High-Level Dialogue on Energy.

As co-leader of the Technical Working Group on Finance and Investment, we at the European Investment Bank would like to congratulate the United Nations and all participants who have done an amazing job in these trying times to raise awareness, identify gaps and find solutions to ensure that everyone has access to clean energy by 2030.

Climate change is a threat for everyone. It requires the mobilization of all partners in both the public and private sector. As we head towards the COP26 climate conference in Glasgow, let me highlight the European Investment Bank’s commitment to climate action and environmental sustainability.

We are the first Multilateral Development Bank fully aligned with the Paris Agreement.

We have phased out the financing of fossil fuel projects. We are committed to supporting €1 trillion of investment by 2030.

By 2025, 50% of the EIB’s financing will be in climate and environmental sustainability.

We look at climate and environmental considerations in everything we do.

We are committed to becoming an incubator of finance and ideas, working with more partners globally, and increasing local presence to build tailored solutions in the most complex regions.

Effective climate action requires new ways of financing to channel billions more in green finance each year. International financial institutions and the private sector need to speak the same language.

Climate action can only be effective if every sector is onboard. From the smallest micro-firms and entrepreneurs to the largest corporations. To get everyone onboard, we must ensure that there is a just transition to green economies. Some countries and regions will need much more help than others, as some old industries are wound down and new green ones are created.

We need to keep searching for new ideas and innovations in renewable energy, energy efficiency, hydrogen and the infrastructure that helps these technologies grow.

The High-Level Dialogue roadmap has found that to get to net zero by the middle of this century we must triple energy investments by 2030. We need to serve this need for investment in particular in developing and emerging markets. We need to show that new technology, good projects and good partners can build successful solutions everywhere.

We encourage all participants, governments, civil society, businesses, and financial institutions to promote the transition to clean energy and green societies. We are in the make-or-break decade for this planet. The only option is to do everything possible to keep it habitable.

 

Thank you.