EU finance ministers welcome EIB Group’s scaled up climate action
LUXEMBOURG, 17 June 2022: European finance ministers today welcomed the European Investment Bank’s unprecedented backing for business investment to support recovery from the COVID-19 crisis, record climate action and enhanced development engagement around the world through EIB Global.
At the Annual Meeting of the EIB Board of Governors, taking place in Luxembourg, EIB President Werner Hoyer confirmed details of the EIB Group’s record EUR 95 billion financing last year, including an unprecedented response to mitigate the impact of the COVID-19 crisis.
Hoyer also confirmed the EIB’s largest ever support for climate action and environmental sustainability and the successful launch of EIB Global to strengthen development finance outside Europe.
Hoyer said: “I am grateful to the EU Bank’s Governors for their support and endorsement of the EIB Group’s work over the past year. Today’s discussion confirmed the importance of our work in support of EU policies around the world. The EIB Group has been part of the European Union’s response to every crisis over the last decade, from climate to energy security, the financial crisis, the COVID pandemic and, most recently, Russia’s brutal invasion of Ukraine. The commitment and professionalism of EIB and EIF colleagues will continue to assist us as we tackle the challenges ahead. These are all connected: War in Ukraine is the strongest argument in favour of accelerating investment in green energy, to make Europe less dependent from imported fossil fuels. Global partnerships are key to winning the fight against global heating. And the Governors’ support has been crucial in setting up EIB Global, our development and partnership arm, working with other institutions in a genuine and effective “Team Europe” spirit. And last but not least, the EIB’s strong investment in innovation will help ensure we develop new tools capable of resolving the problems created by yesterday’s technology.
“I wish to thank Minister Annika Saarikko for her deft and sure-handed year at the helm of our Board of Governors, and it is a huge pleasure to welcome our new Chairman, Minister Mikael Damberg.”
The European Investment Bank Board of Governors comprises the 27 European Union finance and economy ministers and was chaired by Saarikko, Minister for Finance of Finland.
During the meeting, Damberg, Minister for Finance of Sweden, was formally confirmed as new Chair of the EIB Board of Governors, thereby replacing Saarikko, Minister for Finance of Finland. Damberg said: “As new Chair of the EIB Board of Governors I look forward to working with fellow EU finance and economy ministers to further enhance the impact of the European Investment Bank Group’s unique financial experience and technical skills to better support priority investment challenges, including scaling up climate action, accelerating innovation and enhancing sustainable development.”
Last year, EUR 27.6 billion of EIB financing supported climate action and environmental sustainability, representing 51% of EIB business. Hoyer confirmed that the EIB is currently scaling up support for climate action in developing countries most vulnerable to a changing and more extreme climate. During today’s meeting, Hoyer highlighted how the successful launch of the EIB’s new dedicated development branch, EIB Global, earlier this year, was enhancing the impact of renewable energy, clean transport, water, health, food security and business investment in the Balkans, Africa, Asia, Latin America and the Pacific.
The Luxembourg based European Investment Bank is the world’s largest international public bank.
President Biden invites JCI’s CEO to speak at Leaders Summit on Climate
MILWAUKEE, Wisconsin, 21 April 2021: Johnson Controls (JCI) announced that George Oliver, its Chairman and CEO has been invited by U.S. President Joe Biden to participate in the virtual Leaders Summit on Climate.
Making the announcement through a Press release, JCI said the summit will bring together leaders of the world’s major economies and other vital partners for an urgent and open dialog on ways to strengthen collective efforts to address the climate crisis. President Biden has made tackling climate change a top national priority since taking office and is urging other world leaders to attend the summit to discuss how their governments will help drive the goal of limiting global temperature rise.
“I am honored to accept President Biden`s invitation to join him and other world leaders calling for urgent climate action,” Oliver said. “It is especially important to establish a roadmap to limiting the rise of global temperatures as we get closer to the COP26 climate conference, scheduled for November in Glasgow. Transitioning to a lower-carbon economy is an opportunity to build back better, as we recover from the COVID-19 pandemic. Providing clean, sustainable and energy-efficient solutions creates jobs while building strong, resilient global economies.”
According to the White House, a major theme of the summit will be the broad economic benefits of climate action, with a strong focus on job creation. This will explore both the economic benefits of green recovery and long-term decarbonization and the importance of ensuring that all communities and workers benefit from the transition to a clean energy economy.
Representing both Business Roundtable and Johnson Controls, Oliver will address these topics in a session on April 23 as well as the role buildings can play to slash both emissions and costs, JCI said.
Business Roundtable is an association of chief executive officers of America’s leading companies. According to JCI, Oliver was named Chair of the Business Roundtable Energy & Environment Committee in January this year. The Committee is dedicated to advancing policies that encourage innovation and support an environmentally and economically sustainable future.
The vast majority of Business Roundtable’s 223-member CEOs have made public commitments to reduce their companies’ greenhouse gas emissions/carbon footprints, are making serious progress and reporting on it publicly. Nearly half of those commitments are for net-zero carbon emissions by 2050, if not sooner.
According to JCI, Business Roundtable members are playing a significant role in driving ambitious climate action and the policy needed to spur low-carbon economic growth. Last September, JCI said, the organization endorsed the goals of the Paris Agreement and proposed aggressive policies to achieve those goals.
JCI said its own ambitious emissions reductions targets were recently approved by the Science Based Targets Initiative – an independent organization that assesses corporate sustainability claims. JCI said that as part of its environmental sustainability commitments, it aims to cut operational emissions by 55% and reduce customers’ emissions by 16% before 2030. It said it believes its OpenBlue platform for optimizing building sustainability will be central to fulfilling these goals and ultimately creating an environment for healthy people, healthy places and a healthy planet.
JCI said it also recently joined the Business Ambition for 1.5°C campaign and is a signatory to The Climate Pledge, an initiative of business leaders co-founded by Amazon and Global Optimism. Signatories to the pledge commit to reaching net-zero carbon emissions by 2040 – 10 years ahead of the Paris Climate Agreement goal.
UAE to host GCC and MENA regional climate dialogue
ABU DHABI, UAE, 1 April 2021: The United Arab Emirates will host the Regional Climate Dialogue for climate action on April 4 in Abu Dhabi, in advance of the Leaders Summit on Climate, to take place in Washington DC later this month and in the run up to COP26. The UAE regional dialogue will include the participation of John Kerry, US Special Presidential Envoy for Climate, and Alok Sharma, COP 26 President, together with ministers and high-level climate representatives from the GCC and Mena regions.
As part of its well established role as a convener on climate action, the UAE has also invited International Renewable Energy Agency (IRENA) Director-General, Francesco La Camera, to attend the Dialogue. The event will focus on national and regional preparations for the 26th United Nations (UN) Climate Change Conference of the Parties (COP26), set to run from November 1 to 12, 2021. The COP26 Summit, hosted this year by the United Kingdom in Glasgow, will bring together countries from across the globe to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change.
His Excellency Dr Sultan Ahmed Al Jaber, the UAE’s Special Envoy for Climate Change, and Minister of Industry and Advanced Technology, said: “We look forward to welcoming Special Envoy Kerry and COP26 President Alok Sharma, along with Ministers and high-level representatives of the key economies of the GCC and MENA region to Abu Dhabi for this important dialogue. The UAE has demonstrated a longstanding commitment to progressive climate action and sought to promote sustainable development throughout the region. By coming together for this dialogue, I believe we can create greater momentum for progress. The UAE views climate action as an opportunity for economic development, while contributing practical solutions to a global problem that affects us all. As the world seeks new pathways to ‘building back better’ in the wake of the COVID-19 pandemic, Special Envoy Kerry’s visit will help consolidate efforts on smart sustainable solutions with tangible benefits for the global community.
“We are already seeing great examples of climate leadership throughout our region, including the recently announced initiative by our brotherly neighbors in the Kingdom of Saudi Arabia. The regional climate dialogue will provide a constructive platform for the MENA region to unite around progressive, practical solutions that can help the world reach global climate goals, while also fostering innovation for sustainable growth.”
Speaking in advance of the meeting, COP 26 President Alok Sharma said: “It is vitally important that the world works together to tackle climate change. That means countries coming forward with net-zero targets and near-term emissions reduction targets (the 2030 NDCs) that keep 1.5 degrees within reach. The transition to a clean economy is one which can benefit us all: through creating jobs, spurring sustainable development, and cleaning our air. We are already beginning to see progress, and countries in the MENA region are well placed to take advantage of the economic opportunities of this transition. However, the consequences of climate change are already being felt across the region, and the UK will use its COP26 Presidency to build momentum on adaptation to help to keep countries, communities and people safe from the impacts of climate change.”
The Regional Climate Dialogue will provide an ideal platform for the participating countries to exchange experience in their responses to climate change and build momentum for increased global ambition in the run-up to COP26. In addition, it will enable the United States and the MENA region to examine new areas of collaboration in the field of climate change mitigation and adaptation with the aim of transforming the climate challenge into an economic opportunity.
Core themes will include accelerating the deployment of renewable energy solutions, exploring the potential of new zero-carbon-energy sources, such as green and blue hydrogen, maximizing the impact of mitigation technologies, including carbon capture, and reducing the carbon emission intensity of hydrocarbon fuels, on which the world will still rely during the energy transition. The conversation will discuss policies for adaptation to the impacts of accelerating climate change trends that are of particular concern to the region, such as food and water security, desertification mitigation and environmental conservation.
The participants will seek to develop a common understanding of climate action priorities, as well as a roadmap for cooperation towards COP26 and related milestones.
Supreme Court in Canada endorses climate action to protect future generations
VANCOUVER, British Columbia, Canada, 25 March 2021: Not-for-profit legal firm, West Coast Environmental Law applauded the March 25 decision by the Supreme Court, upholding Canada’s price on carbon pollution, which confirmed the ability of all levels of government to take action to address the climate crisis, consistent with the overarching responsibility of the Canadian government to ensure that youth and future generations inherit a healthy atmosphere.
In light of the decision, the legal organization urged the Canadian government to ramp up its climate ambition and to strengthen and enact Bill C-12 without delay to ensure that Canada meets its future climate goals.
“Canada has missed every climate goal it has set for itself, in large part because of inconsistent and half-hearted efforts by both federal and provincial governments,” said Andrew Gage, Staff Lawyer at the firm. “This decision makes it clear – the buck stops with the federal government. The Canadian government must work cooperatively to encourage provincial action, but it can also step in when provinces fail and take the steps required to protect Canadians from climate change.”
Lawyers at the firm said the legal victory has the potential to result in environmental benefits well beyond climate action. “It is a landmark decision for the environment,” said Anna Johnston, Staff Lawyer. “By rejecting the provinces’ attempts to minimize federal authority over climate, the Supreme Court has made it abundantly clear that when it comes to environmental protection, we need all hands on deck.”
Warned Dr Silvie Harder, Climate Scientist: “Canada is warming at twice the global average – leading to increased floods, wildfires and other climate disasters. With today’s decision, the Canadian government is well placed to increase its climate ambition, bring our fossil fuel addiction under control and align with what the global scientific community says is needed to keep Canadians safe.”
Lawyers at the firm urged the Canadian government to press forward with its Net Zero Emissions Accountability Act, Bill C-12, which it said, has been languishing in Parliament. “Carbon pricing is good,” Gage said, “but a strengthened Bill C-12 will ensure that current and future governments keep working to achieve our climate targets.”