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European Union

European Investment Bank and Mission Innovation Join Forces to Drive Clean Energy Innovation

Strategic Insights

— 1 min read

The European Investment Bank Group and Mission Innovation announced a new partnership to support clean energy innovation worldwide, coinciding with the United Nations Climate Change Conference COP28 in Dubai. The partnership aims to accelerate the development of innovative clean energy technologies, facilitate access to finance, and mobilize private finance to support game-changing technologies that can put economies on track towards a net-zero future.

Key Takeaways:

  • The partnership brings together the European Investment Bank Group and Mission Innovation, a coalition of 23 governments and the European Commission, to accelerate clean energy innovation.
  • The EIB Group will share its expertise on financial instruments to mobilize private finance for innovative clean energy projects.
  • The partnership will facilitate access to finance for innovative projects across a wide array of sectors and geographic regions.
  • The EIB Group has extensive experience in building public-private partnerships and has helped establish offshore wind as a competitive and reliable source of energy.
  • Mission Innovation is rolling out high-ambition missions to mobilize international action and reach tipping points in the cost and scale of clean energy solutions by the end of this decade.
  • The partnership is critical in achieving the objectives set out in the Paris Agreement and driving clean energy innovation.
  • The EIB committed to increasing investment in climate action and environmental sustainability to more than 50% of the EIB's annual lending by 2025, exceeding last year's target with 58%.
  • The partnership will benefit from the EIB's expertise in building dynamic public-private partnerships for game-changing technologies.

Statistics:

  • The EIB has extensive experience in building public-private partnerships, with a focus on sharing risks with private investors.
  • The EIB helped establish offshore wind as a competitive and reliable source of energy 20 years ago.
  • The EIB Group is playing a central role in scaling up innovation in sectors that are hard to decarbonize, such as steel and shipping.
  • The EIB committed to increasing investment in climate action and environmental sustainability to more than 50% of the EIB's annual lending by 2025, exceeding last year's target with 58%.
  • The EIB aims to support E1 trillion of investment in climate action and environmental sustainability through the critical decade, 2021-2030.

Sources:

  • European Investment Bank (EIB) Group (www.EIB.org)
  • Mission Innovation (www.Mission-Innovation-net)
  • European Commission Executive Vice-President Maroš Šefčovič (ited statement)
  • EIB Vice-President Ambroise Fayolle (ited statement)
  • Head of Secretariat for Mission Innovation Eleanor Webster (ited statement)

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