EIB and EU Explore Financial Partnership for Climate Change Initiatives

The European Climate Action and the European Investment Bank agreed on a joint climate finance initiative for developing countries through an agreement to mobilize resources for carbon capture and storage, and innovative renewable energy technologies.

The meeting between the two parties was led by Commissioner Connie Hedegaard and EIB President Philippe Maystadt. A partnership is already ongoing through the implementation the Global Energy Efficiency and Renewable Energy Fund for Southern Africa and Asia.

The European Commission also proposed to increase the ceiling of EIB financing outside the EU by allocating an additional 2 billion euros for 2011-2012 (USD2.9 billion) to the fight against climate change.

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    Chiden Balmes

    Chiden, a correspondent based in Seoul, focuses on computer-assisted reporting to provide international development professionals with practical business and career information. He also contributes to the Development Newswire and the Global Development Briefing, two of the world's highest-circulation development publications.