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.
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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.
