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" "LAST YEAR THE EUROPEAN INVESTMENTBANK'S DEDICATED CLIMATE ACTIONAMOUNTED TO OVER ?17 BILLION OF LOANS ith the world's leaders in CancĂșn todiscuss climate action, the EuropeanInvestment Bank, as an observer to theConference of Parties, fully supports theEuropean Union's approach to international climatepolicy. We strongly support the goal of sustainable, low-carbon, climate-resilient growth, and work closely withCommissioner Connie Hedegaard and her colleagues toachieve this. Strong and effective action to limit globalwarming is urgently needed.Our corporate objectives, principles and standardsclosely follow EU and international climate policydevelopments. CO2 emission reduction is incorporatedin sector lending policies and practices. We assess thecarbon footprint of projects and screen for climaterisks to identify potential for carbon credits. Projectsalso benefit from our in-house technical expertise toencourage best practice, provide policy guidance andensure that borrowers can draw on our know-howthrough technical assistance. ENGAGEMENT AT ANUNPRECEDENTED SCALELast year the European Investment Bank's dedicatedclimate action amounted to over ?17 billion of loansfor climate change mitigation, reduction of CO2emissions and adaptation that increases resilience toclimatic uncertainty. We are on track to achieve a higherengagement in climate change mitigation or adaptationprojects, rising to 27 per cent of all lending by 2010.The EIB has provided nearly ?3 billion to supportonshore wind projects inside and outside the EU.Lending for emerging technologies in off-shore windand solar, both photovoltaic and concentrated solarpower, has substantially increased. We further wish toplay a constructive role in supporting second generationbiofuels, carbon capture and storage, and marinetechnologies. We cannot say how fast costs will drop orwhich technologies will be most successful in the end,but there is a special role for us to give early adopters ahelping hand, for the subsequent benefit of everyone.SCALING UP LENDING FORRENEWABLE ENERGY AND ENERGYEFFICIENCYRenewable energy technologies - wind turbines, solarenergy parks - look great in pictures and are the mostvisible business, although they represent only part ofour climate action lending. We work with cities andregions to improve the energy efficiency of buildingsand public infrastructure (transport, public lighting).We are in partnership with the European Commissionto provide necessary technical assistance - needed inEurope just as much as elsewhere. Energy efficiencyprojects may not make the best photographs, butenergy efficiency is recognised as the most costeffective way of reducing greenhouse gas emissions.Our energy efficiency lending reached ?1.5 billion in2009, and we are determined to do more in this area.CARBON CAPTURE AND STORAGEIt is clear that carbon capture and storage is anemerging technology that needs to be proven atcommercial scale. I would like to mention that theEuropean Investment Bank's close cooperation withthe European Commission on a new programme tosupport demonstration plants in the areas of carboncapture and storage, using funding provided by theEuropean Parliament from the New Entrants ReserveINVESTING IN CLIMATE ACTION: AN EIB PRIORITYREGIONAL 040PERSPECTIVESPHILIPPE MAYSTADT, PRESIDENT, EUROPEAN INVESTMENT BANK (EIB)W

REGIONAL PERSPECTIVES041of the Europe's carbon trading system. This will be alarge and much needed programme over the next fewyears to develop this sector. PIONEERING CLIMATE ADAPTATIONClimate change may increase the challenge of projectsin risk sectors, such as water initiatives in coastal areasor threatened areas, including the Sahel region. Pureadaptation projects pose particular financing problemsas they do not normally generate revenue. Therefore wehave to make use of blended EU and internationalconcessional finance in conjunction with EIB loansand guarantees. We can expect this kind of project topick up rapidly following the pledges to fast-startfinance coming out of the Copenhagen Accord.The European Investment Bank is ready to supportmore effective climate action through enhancedemphasis upon financing research, development andinnovation in new technologies that can combatclimate change in a smart way. nABOUT THE AUTHORPhilippe Maystadt is the President of the EuropeanInvestment Bank. His career has included various keyposts within the Belgian Government over a periodspanning almost twenty years. Mr Maystadt wasMinister of Finance for a duration of ten years (1988-1998) and Chairman of the MFC of the InternationalMonetary Fund for five years (1993-1998). Author ofnumerous studies and publications in the field ofeconomic and financial law, he has also been aProfessor at the Faculty of Law of the CatholicUniversity of Louvain. Philippe Maystadt chairedseveral high-level committees in European andinternational financial organisations before beingappointed as President of the European InvestmentBank on 1 January 2000.