Africa: European Investment Bank Group and Mission Innovation team up to accelerate clean energy innovation

[Deeq A.]

PRESS RELEASE
European Investment Bank Group and Mission Innovation team up to accelerate clean energy innovation
The EIB Group is joining Mission Innovation primarily to facilitate access to finance for innovative projects across a wide array of sectors and geographic regions

DUBAI, United Arab Emirates, December 4, 2023/ — The European Investment Bank (EIB) Group (www.EIB.org), which consists of the European Investment Bank and the European Investment Fund, and Mission Innovation are joining forces to support clean energy innovation worldwide. The announcement of the new partnership was made at a joint event at the United Nations Climate Change Conference COP28 in Dubai. Building new public-private partnerships to accelerate the development of innovative clean energy technologies is one of the priorities at COP28 to meet the Paris climate goals.

The EIB Group is joining Mission Innovation, which already includes a coalition of 23 governments and the European Commission, primarily to facilitate access to finance for innovative projects across a wide array of sectors and geographic regions. In addition, the EIB Group will share its expertise on financial instruments that help to mobilise the much-needed private finance to support game-changing technologies that can put economies on track towards a net-zero future. The new EIB Group partnership with Mission Innovation builds on the fruitful cooperation with the European Commission’s Directorate-General for Research and Innovation over the years.

EIB Vice-President Ambroise Fayolle said: “Financing the technologies of tomorrow is key to reaching global climate goals, supporting economies’ competitiveness and creating new jobs. The involvement of public multilateral development banks at the earliest stage is crucial here. That’s why the EIB Group is proud to join Mission Innovation to play our part and accelerate clean energy solutions for all. We can bring our technical and financial expertise to build dynamic public-private partnerships for game-changing technologies that will power us all towards a net-zero future.”

European Commission Executive Vice-President Maroš Šefčovič said: “I am very pleased to see the European Investment Group joining Mission Innovation, our coalition together with 23 governments catalysing a decade of action and investment in research, development and demonstration to make clean energy affordable, attractive and accessible for all. Mission innovation will now benefit from the European Investment bank’s to help innovative companies develop and grow, which will strengthen the mission’s already significant contribution towards the Paris Agreement goals and climate neutrality.”

Head of Secretariat for Mission Innovation Eleanor Webster said: “The partnership between Mission Innovation and the European Investment Bank Group aligns perfectly with our shared commitment to driving clean energy innovation and achieving the objectives set out in the Paris Agreement. By combining our expertise and resources, we can increase our impact and accelerate the development and demonstration of innovative solutions.”

The EIB Group has extensive experience in building public-private partnerships. It works closely with the European Commission and the private sector to share risks that private investors alone are not willing to take — especially at the earliest stages. Twenty years ago, the EIB helped to establish offshore wind as a competitive and reliable source of energy. Today, the EIB Group is playing an instrumental and central role in scaling up innovation in sectors that are hard to decarbonise, such as steel and shipping.

At the same time, Mission Innovation is rolling out a number of high-ambition missions, which mobilise the international action needed to reach tipping points in the cost and scale of clean energy solutions by the end of this decade. This alliance between the EIB Group and Mission Innovation is testament to the importance of early-stage investment in clean energy technologies and is a critical part of the pathway for these missions to achieve their goals.

Qaran News