Public Banks Must Step-Up To Implement Paris Agreement

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Eiffel Tower, Paris by Gary Ullah via flickr

At the COP22 Summit in Marrakesh yesterday, the European Investment Bank Vice President, Jonathan Taylor, urged the world’s financial institutions to invest more effort into making the Paris Agreement a reality.

Also attending the summit on the margins of the Marrakech Climate Conference were COP22 President H.E. Salaheddine Mezouar, Moroccan Minister of Foreign Affairs and Naoko Ishii, CEO of Global Environment Facility.

Vice-President Taylor, whose responsibilities include energy, environment and climate lending, told the summit:

“In shifting trillions of dollars into green investments, it is crucial that investors can put their money directly into green, climate-smart projects. Public banks such as mine – the Bank of the EU – have a key role to play, in developing products and instruments that encourage and maintain private capital flows to climate-friendly projects. And that’s what we do and how we expect to make the Paris agreement a reality. The EIB is taking away risks that are holding the private investors back from putting their money into climate action.”

You can find the full speech here.