The President of the European Investment Bank (EIB) will visit China to develop stronger relationships and tackle climate change together. The five-day trip will see Werner Hoyer meet with professionals from the National Development and Reform Commission, China Development Bank, Asian Infrastructure Investment Bank and the Finance Minister. Mr Hoyer’s visit is the first by a President of Europe’s long-term lending institution since 2007.
Werner Hoyer, President of the European Investment Bank, said ahead of the visit: “This week’s visit will enable the European Investment Bank and Chinese partners to strengthen cooperation to support crucial investment in China and around the world. This includes working together to back climate related investment. Tackling climate change is a global challenge and since 2010 has been the main focus of the European Investment Bank’s engagement in China. China is a key partner for the European Union’s bank and together we look forward to achieving our common goals in the years ahead.”
In Beijing President Hoyer will meet Finance Minister Lou Jiwei and Foreign Minister Wang Yi, as well as Xu Shaoshi, Chairman of the National Development and Reform Commission, Hu Huaibang, Chairman of the China Development Bank and Jin Liqun, President of the Asian Infrastructure Investment Bank.
The key focus of the five-day visit will be the strengthening of the partnership between the European Investment Bank and China to better tackle climate change. The European Investment Bank is the world’s largest lender for climate related investment and global leader in issuing green bonds.
President Hoyer will sign a Memorandum of Understanding with the Minister of Finance to strengthen joint support for climate related schemes in China. During a two day field trip outside Beijing President Hoyer will see at first-hand how the EIB is supporting reforestation close to the Inner Mongolian capital Hohhot to protect against desertification and visit heating projects that that reduce fossil fuels use by replacing coal by natural gas and reduce air pollution. The EIB Delegation will meet the Governor of Inner Mongolia to discuss the climate action plans of the region and how EIB could provide its support for such plans.
The European Investment Bank has worked closely with the Asian Infrastructure Investment Bank during its creation to share technical and financial experience. President Hoyer is expected to agree a new framework to build on this cooperation to streamline joint financing of projects and ensure regular strategic dialogue between the two institutions.
President Hoyer will provide a keynote speech at the D20 meeting being hosted by the China Development Bank. The D20 brings together National Financial Institutions of the G20 countries and Multilateral Development Banks to support economic growth, create jobs and improve productivity.
In 2015 the EIB provided €20.6 billion for climate related project worldwide, record lending that demonstrates the EIB’s firm commitment to support investment across Europe and around the world that reduces emissions, adapts infrastructure to a changing climate, and increases resilience through afforestation and other schemes.
Last year EIB support for climate finance outside Europe represented 30% of overall lending and the EIB is committed to raise the share of climate financing outside the EU in developing countries to 35% by 2020.