The European Investment Bank (EIB) and the United Nations Environment Programme (UNEP) have agreed to deepen their cooperation to enhance climate and environmental actions.
The Memorandum of Understanding was signed in Brussels at a meeting between Under-Secretary-General of the United Nations and Executive Director of UNEP, Inger Andersen, and the EIB Vice President responsible for Climate Action and Environment, Emma Navarro.
The focus of the strategic cooperation will be on climate change, conservation, protection, enhancement and support of nature and natural resources, including biological diversity worldwide and circular economy. A priority will be identification of a new pipeline of investment projects in the field of environment and climate change.
“The climate emergency is the defining issue of our time. Now we must widen the debate and increase awareness of threats to nature and biodiversity and the impact they have on our lives,” said EIB Vice President Emma Navarro. “Annual global funding needed for safeguarding nature is estimated to be between USD 300-400 billion while the current flows remain around USD 50 billion. We need to work together to bridge the investment gap. We are very pleased to join forces with UNEP, the leading United Nations agency in the field of climate action and environment.”
“As we face existential crises – of nature and climate – our best chance to reverse the damage humanity has done and to leave future generations a liveable future is to work together to address these global challenges,” said Inger Andersen, Executive Director of UNEP. “We are proud to join hands with the EIB to take action towards a healthier, more sustainable planet.”
The world is facing unprecedented climate and environmental challenges. The year 2020 is crucial to start delivering solutions to climate change, biodiversity loss and pollution. Science, policy responses and investments need to go hand-in-hand. This strategic partnership between UNEP and EIB comes at a crucial time, when scaling up financing for these transformations is essential.