Frans Timmermans, Executive Vice-President for the Green Deal, visited the premises of the European Investment Bank in Luxembourg yesterday where he addressed the EIB staff.
The commission said that to achieve the ambition set by the Green Deal there are significant investment needs.
“We will only be able to meet these investment needs if we mobilise both the public and private sector. In this regard, the EIB will be a main partner, acting as a pool and magnifier of public investments and as an extra security for private investments,” its spokesman said,
The EIB set itself targets, including doubling its climate investment target from 25% to 50% by 2025 and committing to end financing for fossil fuel energy projects from 2021 onwards, thus becoming Europe’s climate bank.
Becoming the world’s first climate-neutral continent by 2050 is the greatest challenge and opportunity of our times, says Timmermans.
To achieve this, the European Commission presented the Green Deal, the most ambitious package of measures that should enable European citizens and businesses to benefit from sustainable green transition.
Measures accompanied with an initial roadmap of key policies range from ambitiously cutting emissions, to investing in cutting-edge research and innovation, to preserving Europe’s natural environment.
Supported by investments in green technologies, sustainable solutions and new businesses, the Green Deal can be a new EU growth strategy. Involvement and commitment of the public and of all stakeholders is crucial to its success.
Above all, the European Green Deal sets a path for a transition that is just and socially fair. It is designed in such a way as to leave no individual or region behind in the great transformation ahead.
