Next week, the European Investment Bank (EIB) will organise its annual EIB-CSO seminar. Ahead of the event, Eurodad, together with 47 CSO organisations sent the following open letter, calling on the EIB to take necessary steps to truly become the EU Climate Bank.
Climate change is a global crisis that requires a concerted, multilateral effort from all countries, regions, communities and polluting stakeholders.
Ongoing climate hazards and impacts are setting-back gains made in sustainable development, poverty eradication, and are increasing global debt. Overwhelmingly, countries and communities in the global south experience the brunt force of climate change, despite having contributed the least to it. This is a structural injustice that is impacting the ability of countries highly susceptible to climate change to pursue a debt-free, sustainable development pathway toward net-zero emission societies.
Eurodad’s climate finance work focuses on ensuring that it supports the needs of vulnerable countries and frontline communities and is grounded in impact and effectiveness. Fairness and equity are also at the heart of this work and Eurodad strives to ensure that climate finance is gender-responsive and integrates social and environmental safeguards.
Current key workstreams for Eurodad’s climate finance work are:
- Ensuring climate finance is new and additional to existing finance commitments and supports those most impacted by climate change
- Championing the use of robust transparency mechanisms to ensure the climate finance is effective
- Promoting the use of innovative finance mechanisms to increase the amount of public finance
- Supporting the creation and use of sustainable finance mechanisms to enable greater accessibility to climate finance for regional and local communities
- Ensuring finance flows are aligned with climate and environmental protections, standards and policies
- Promoting the use of policies and accounting methodologies that integrate climate risks, local needs, gender equality, women’s empowerment, and social practices