The European Investment Bank (EIB) Group announced today the launch of a new Climate and Environment Advisory Council. Chaired by European Central Bank President Christine Lagarde, the new council will advise and provide expertise on the activities that the EIB carries out to reach its climate action and sustainability ambitions.

Lagarde, said:

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 “Climate change is one of the greatest challenges faced by mankind this century. It is an honour to chair this council and work with this distinguished group of leaders to advise the EIB Group on its climate and sustainability ambitions.”

The announcement follows the approval late last year by the EIB’s board of directors of the EIB Group Climate Bank Roadmap, which guides future climate action financing by the EIB and European Investment Fund (EIF), supporting €1 trillion of climate and environmental sustainability investments by 2030, and to align all financing activities with the principles and goals of the Paris climate agreement. In 2019, EIB decided to increase its level of climate and environment commitment, effectively transforming the group from being “an EU Bank supporting climate” into “The EU Climate Bank.”

Werner Hoyer, EIB President, said:

“Climate change remains the decisive challenge of our time and requires a rapid global response. The EIB Group is preparing a strong contribution for the COP26 climate conference in Glasgow in November. I am thrilled that we can now count on a group of top world leaders to assist us in strengthening our role as the EU climate bank. I want to thank all the Advisory Council members and express special gratitude to Christine Lagarde for agreeing to chair this highly distinguished group.”

The new council met for the first time on Wednesday, discussing the EIB Group Climate Bank Roadmap, including EIB activities to support adaptation to the impacts of climate change and the EIB Group Paris Alignment for Counterparties framework.

Ambroise Fayolle, EIB Vice-President added:

“We are delighted to be joined by outstanding experts and leaders from whose skills, diverse experience and backgrounds, and knowledge we will greatly benefit in our role as the EU climate bank. We look forward to working with them to help us accelerate and scale up the transition to a low-carbon and climate-resilient future, one that will leave no one behind.”

Other members of the council include Jos Delbeke, Professor, European Institute Florence (EUI) and Katolieke Universiteit (KU) Leuven, and EUI’s EIB Chair on Climate Change Policy and International Carbon Markets; Helena Viñes Fiestas, Commissioner, Spanish Financial Markets Authority, Board Member, Institutional Investors Group on Climate Change, and Rapporteur EU Platform on Sustainable Finance Civil Society; Heinz Jörg Fuhrmann, Former Executive Board Chairman, Salzgitter AG; Connie Hedegaard, Chairman of the Board, KR Foundation. Marcin Korolec, President of the Polish Electric Vehicles Promotion Foundation (FPPE); Bertrand Piccard, Founder and Chairman of the Solar Impulse Foundation; Johan Rockström, Director, Potsdam Institute for Climate Impact Research; Samantha Smith, Director of the Just Transition Centre, International Trade Union Confederation International organisations, and; Francesco Starace, Chief Executive Officer and General Manager, Enel.