Posted on June 15, 2020
The GIMED Green Impact Med project aims at boosting the development of green and eco-innovative entrepreneurs in 5 Mediterranean countries (Egypt, Italy, Lebanon, Palestine and Tunisia) by creating the required environment and improving knowledge base to better access finance and markets, creating jobs and driving the green and circular economy in the region.
With an important investment in green and circular economy committed through the European Green Deal, the European Union is today the frontrunner to become the first carbon neutral economy by 2050. With the aim of keeping you updated on the Union’s strategy to become a more resource-efficient and competitive economy, we will publish a monthly EU news to share useful news for our GIMED community.
In April we had a closer look on how much the new EU Green Deal will cost and what is in the EU pipeline to finance the transition to a green Europe and its commitment to become the first climate-neutral continent in the world by 2050. We closely looked at the European Green Deal Investment plan and the Just Transition mechanism to mobilize public and private funds to reach the objectives of the European Green Deal. This month of May we will have a closer look to the two main financial instruments to implement the Sustainable Europe Investment Plan: the EIB, the European Investment Bank on one hand and the InvestEU program on the other hand. We will analyze their specific roles in the framework of the EU’s green transition and its support to the circular economy.
The European Investment Bank has been Europe’s climate bank for quite a time. Since 2012, the EIB provided EUR 150 billion of finance supporting EUR 550 billion of investment in projects that reduce emissions and help countries adapt to the impacts of climate change. This made the EIB one of the world’s largest multilateral providers of finance for projects supporting these objectives.
But since the announcement of the Green Deal by the new Commission the EIB decided on enhanced new ambitions for climate action and environmental sustainability.
The EIB Board of Directors confirmed the EIB’s increased ambition in climate action and environmental sustainability. This includes three key elements:
Read the full article here.