As part of the EU External Investment Plan (EIP), which is set to mobilise at least €44 billion of sustainable investment for Africa and the EU Neighbourhood countries by 2020, Climate Action and Energy Commissioner Miguel Arias Cañete has today announced at the 'One Planet Summit' in Paris climate-relevant investments in three targeted areas - sustainable cities, sustainable energy and connectivity and sustainable agriculture, rural entrepreneurs and agribusiness. These targeted areas are expected to generate up to €9bn investments by 2020.
Miguel Arias Cañete, Commissioner for Climate Action and Energy, said: "The historic Paris Agreement has added wind to the sails of already accelerating climate-smart investments. These kinds of investments are of critical importance if we are to move from aspirations to action. The EU's External Investment Plan, with its focus on sustainable development and the low-emission and climate-resilient transition, will scale up much-needed investments across Africa and the EU Neighbourhood region. The benefits will be multiple: new jobs, accelerated and sustainable growth, enhanced resilience to climate change impacts, improved health, poverty reduction and better connectivity."
International Cooperation and Development Commissioner Neven Mimica said: "These priority areas are setting the agenda for sustainable investments. Unlocking the potential of sustainable energy, promoting digitalisation for development or supporting micro, small and medium sized enterprises will help us to create sustainable development and reduce poverty, for the benefit of all."
The EIP includes a new European Fund for Sustainable Development (EFSD) that will - through a guarantee - support investments by public financial institutions and the private sector, mitigating the risks and leveraging additional funding, notably from private sources, in the sectors covered by the three "windows".
Among the investment windows - each of which is expected to generate approx. €3 billion investments, with a guarantee volume of between €200 and €300 million each - are:
At today's One Planet Summit, Commissioner Arias Cañete also took part in a panel debate on scaling up finance for global climate action, which examined ways to mobilise more funds for low-carbon and climate adaptation projects through both North-South and South-South cooperation.
Together, the EU and its Member States are the world's biggest provider of climate finance, giving developing countries a total of €20.2 billion last year. The EU is also collectively the world’s top provider of development assistance, giving €75.5 billion last year, almost 60% of the global total.
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