European Investment Bank prioritizes climate change

March 13, 2023 12:18 pm

[File Photo]

The European Investment Bank has transformed into a climate bank, providing support for large climate projects with significant components.

In an interview with FBC News, EIB Vice President, Ambroise Fayolle, emphasized the need for action on climate change, highlighting that those who suffer the most from its impact are the poorest.

Fayolle states the EIB is interested in supporting projects that improve the quality of water, waste treatment, and coastal areas to benefit the poorest sections of the population.

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“Those who suffer from climate change are the poorest and so the more we can do projects to improve the quality of water, improve the quality of waste treatment, to improve what we can do for the coastal areas is certainly something that will benefit the poorest part of the population.”

EIB Vice President, Ambroise Fayolle.

Fayolle says the bank has supported feasibility studies for two hydro plants that will enable Fiji to increase its renewable energy usage.

The EIB’s focus is now on supporting projects that contribute to mitigating climate change, including renewable energy, efficiency, and adaptation projects.

The EIB vice president also highlighted the potential for the blue economy to contribute to the bank’s climate goals.

The bank’s support for large-scale climate projects is expected to contribute significantly to mitigating the effects of climate change, especially for those who are most vulnerable to its impact.