DUBAI: The EIB Group, which includes the European Investment Bank and the European Investment Fund, announced the partnership at a joint event at the United Nations Climate Change Conference COP28 in Dubai. The partnership aims to support the development of game-changing technologies that can put economies on track towards a net-zero future.
Mission Innovation, a coalition of 23 governments and the European Commission, has committed to pioneering clean energy solutions through domestic action and international cooperation. The partnership with the EIB Group will help innovative companies develop and grow, strengthening Mission Innovation’s significant contribution towards the Paris Agreement goals and climate neutrality.
The EIB Group has extensive experience in building public-private partnerships and works closely with the European Commission and the private sector to share risks that private investors alone are not willing to take. The partnership with Mission Innovation builds on the fruitful cooperation with the European Commission’s Directorate-General for Research and Innovation over the years.
The EIB Group’s Vice-President, Ambroise Fayolle, said that financing the technologies of tomorrow is key to reaching global climate goals, supporting economies’ competitiveness, and creating new jobs. The involvement of public multilateral development banks at the earliest stage is crucial, and the EIB Group is proud to join Mission Innovation to accelerate clean energy solutions for all.
The partnership between Mission Innovation and the EIB Group aligns perfectly with their shared commitment to driving clean energy innovation and achieving the objectives set out in the Paris Agreement. By combining their expertise and resources, they can increase their impact and accelerate the development and demonstration of innovative solutions.
In 2019, the EIB’s energy lending policy was adopted to end financing to any unabated fossil fuel energy projects, including natural gas, making it the first multilateral development bank to do so. In 2021, the EIB became the first multilateral development bank to align its financial activities with the Paris Agreement.
Through its Climate Bank Roadmap, the EIB Group aims to support EUR1 trillion of investment in climate action and environmental sustainability through the critical decade, 2021-2030. The EIB committed to increasing investment in climate action and environmental sustainability to more than 50% of the EIB’s annual lending by 2025, which was exceeded last year by 58%.
The partnership between the EIB Group and Mission Innovation is a critical part of the pathway for high-ambition missions to achieve their goals. The alliance between the two organizations is a testament to the importance of early-stage investment in clean energy technologies.
 and Mission Innovation have joined forces to support clean energy innovation worldwide. The partnership aims to facilitate access to finance for innovative projects across various sectors and geographic regions, with a focus on building public-private partnerships to accelerate the development of innovative clean energy technologies.){kind=link}