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Main objective of COP27 is turning pledges into reality: Al-Mashat COVID-19, Russia's war against Ukraine impact global energy, food security, says EIB Vice-President
Minister of International Cooperation Rania Al-Mashat said that the main objective of the 27th Conference of the Parties on climate change (COP27), that will be held in Egypt later this year, will be turning pledges into a reality. During her participation in the "Investing in Net Zero: Leading the Way" conference, Al-Mashat said: "Global climate financing is significantly lower than needed, and is also unevenly distributed, with Africa receiving less than 5.5%. Hence, innovative solutions, such as de-risking instruments and blended finance, are therefore more important than ever in attracting investment for green, sustainable, inclusive, and resilient development – particularly within developing countries and emerging economies. This requires multi-stakeholder engagement, including cooperation between governments, multilateral development banks, and the private sector." Vice-President of the European Investment Bank (EIB) Ambroise Fayolle commented: "The COVID-19 pandemic and Russia's war against Ukraine are a human tragedy and impact global energy and food security. Both crises also have significant consequences for the global fight against climate change. This conference we are hosting with the European University Institute presents an important opportunity to take stock and discuss how businesses, cities, governments and financial institutions can collectively accelerate their support for a just energy transition, drive innovation in new technologies and support the successful outcome of COP27 climate conference. I want to thank our partners at the European University Institute for the excellent cooperation in promoting best climate policy practices across the world." Alexander Stubb, Director of the School of Transnational Governance, said: "Climate change is a defining challenge of our time, which will impact generations to come. It is even more crucial to step up efforts in light of the ramifications of the war in Ukraine. We are delighted to partner with the European Investment Bank to discuss concrete steps on the energy transition and innovation in a joint conference, building among others on the excellent research by the EIB Climate Chair team at the EUI's School of Transnational Governance." Meanwhile, Jos Delbeke, the European University Institute's EIB Chair on Climate Change Policy and International Carbon Markets, said: "My team brings together the best talents for research and teaching in support of climate innovation and a just energy transition around the world. We work closely with our partners at the European Investment Bank to inform policy making on climate change. This conference will allow us to take discussions on climate finance, the energy transition and innovation further and to prepare for the successful outcome of COP27 later this year." EIB, together with the European University Institute (EUI), is organising the "Investing in Net Zero: Leading the Way" conference, to discuss investments needed to attain net zero emissions and the European Union's global leadership in mobilising the necessary climate finance.
