The Bonn climate conference, the first technical meeting since the adoption of the Katowice rulebook, concluded yesterday after two weeks of negotiations. The session focused on the remaining rules and procedures for the effective functioning of the Paris Agreement, in particular for international carbon markets.
At the Annual Meeting of the EIB Board of Governors in Luxembourg, ministers welcomed the EU Bank’s role delivering the Investment Plan for Europe, ambitious plans to enhance the impact of energy financing and unlocking transformational public and private investment around the world. They also welcomed the EIB’s determination to do even more to fight global warming and the impact of a changing climate.
New investment in renewable energy, energy efficiency and urban development projects across Greece will be supported following the first agreement under a new EUR 650 million infrastructure investment initiative.
Climate financing by the world’s largest multilateral development banks (MDBs) in developing countries and emerging economies rose to an all-time high of $43.1 billion in 2018, boosting projects that help developing countries cut emissions and address climate risks. This represents an increase of more than 22 per cent from the previous year, where climate finance totalled $35.2 billion. This is also a 60 percent increase since the adoption of the Paris agreement in 2015 response to the ever more pressing challenge of climate change, which disproportionately affects the poorest and most vulnerable.
This year’s meeting, with the title “Experiences and financial cooperation between Europe and Latin America”, is aimed at examining strategies, mechanisms and alternatives to boost financial and technical cooperation relations between the countries of Latin America and the European Union, paying particular attention to achieving the Sustainable Development Goals (SDGs), implementing the bi-regional development cooperation agenda, and tackling trade barriers.
GUE/NGL, the left group in the European Parliament, is launching its Climate Emergency Manifesto.