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    The European Investment Bank participated in the United Nations Climate Change conference COP28 in Dubai from 30 November to 12 December 2023.

    At COP28, countries, companies, financial institutions and civil society came together to affirm their will to tackle climate challenge through concerted and collaborative action.

    EIB President Werner Hoyer and Vice-Presidents Ambroise Fayolle, Thomas Östros and Gelsomina Vigliotti led our delegation of experts.

      Must read: President Hoyer explains how key climate action drivers can boost climate adaptation and mitigation worldwide.

      A conversation with President Hoyer: Learn why the EIB is a game-changer in the fight against climate change.

    COP28 highlights


      Did you miss an event? Replay our past recordings.

      Conversations on the ground
    We asked our experts on the ground about how the EIB is a key partner in the fight against climate change. This series features President Werner Hoyer, Vice-Presidents Ambroise Fayolle, Thomas Östros and Gelsomina Vigliotti, as well as with the head of EIB Global Markus Berndt, the director General of Operations Jean-Christophe Laloux, and our Chief Climate Change Expert Nancy Saich.

    Key events

    Find below a selection of our key events in the margins of the COP28 summit.

    01 December

    • Women entrepreneurs: the key to advancing climate solutions - with Vice-President Östros
        MDB pavilion, 06:30-08:00 GMT+1
      This interactive session focused on the financing gap for women entrepreneurs. The session illustrated what works, shared best-practice case studies and successful models, and identified the data, tools and analysis needed to deploy more capital where it’s needed most.
        Replay the livestream
    • EU-Catalyst Partnership - with President Hoyer and Vice-President Östros
        EU pavilion, 11:45-12:15 GMT+1
      Commission President Ursula von der Leyen, Founder of Breakthrough Energy Bill Gates, and EIB President Werner Hoyer announced the first two European projects to be supported by the EU–Catalyst partnership: Ørsted’s FlagshipONE and Energy Dome’s Ottana CO2 Battery.
        Replay the livestream
        Read the press release

    02 December

    • Private Sector Mobilization: Leveraging Existing Instruments in Developing Countries - with Vice-Presidents Fayolle and Östros
        EIB/Benelux pavilion, 10:30-12:00 GMT+1
      The event highlighted working instruments for climate mitigation and adaptation in the global South, such as EMCAF. The event also provided information about further investors joining EMCAF, followed by a panel discussion on innovative public-private financial structures to catalyse private sector investments for climate action.
        Replay the livestream
        Read the press release
    • Blue Economy Mediterranean Partnership – with Vice-President Fayolle
        Swedish pavilion, 15:00-16:00 GMT+1
      Following the announcement of the creation of the Blue Mediterranean Partnership at COP27 by the EIB, the EBRD and the Union for the Mediterranean, this event will formally launch the Partnership with the signature of a memorandum of understanding. Pledges by donors will also be made.
        Replay the livestream
        More info
        Read the press release

    03 December

    • Managing water resources and adapting to the climate emergency – how to set priority actions? – with Vice-President Fayolle
        Spanish pavilion, 11:30-12:30 GMT+1
      During this event, experts, policymakers and stakeholders discussed water scarcity management and climate change adaptation, and how to address the multifaceted challenges of dwindling water resources in the face of global warming.
        Replay the livestream
        More info
    • Climate and Health Finance: Strengthening the Role of Development Banks and Finance Institutions – with Vice-President Östros
        COP28 Presidency pavilion, 12:15-13:15 GMT+1
      The high-level event convened Development Banks and country leaders to discuss the role of Development Banks and the private sector to maximise finance at the pace and scale needed to sustainably finance a people-centered approach for climate and health action.
        Replay the livestream
        More info
    • Public Development Banks working as a system: innovation and knowledge to unlock climate finance at scale – with Vice-President Fayolle
        Joint MDB pavilion, 12:30-15:00 GMT+1
      The event gathered high-level speakers representing the community of Public Development Banks that supported the organisation of the successful FiCS 2023 edition. They presented the key outcome of the Summit as highlighted in the FiCS Annual Report to be launched during the event and which includes the proposed roadmap and concrete deliverables.
        Replay the livestream

    04 December

    • Climate Resilient Debt Clauses – A Call to Action, with President Hoyer
        Presidency Roundtable (Al Saih, Zone B8), 09:30-10:30 GMT+1
      In the wake of disasters countries face painful trade-offs between rebuilding their communities and making debt repayments. Climate Resilient Debt Clauses (CRDCs) allow debt service to be paused to provide breathing space when countries are hit by climate catastrophes, such as hurricanes and floods, and pandemics. In June the UK and Barbados, together with Ghana, France, US and Spain, launched a call for bilateral, multilateral and private sector creditors to offer Climate-Resilient Debt Clauses by the end of 2025, with a group of early movers offering the clauses by COP28, so that borrowing nations have the necessary fiscal room to respond fully to shocks.
        Read President Hoyer's speech
        Replay the livestream
        More info
    • Available, Accessible, and Affordable: Towards a climate finance architecture that delivers for all – with President Hoyer
        Al Waha Theatre (Blue Zone), 10:30-12:00 GMT+1
      MDBs showcased concrete progress on working better together as a system through approaches such as country platforms that can achieve systemic transformation, and their new joint- MDB Long-Term Strategy (LTS) facility which will provide countries with better coordinated MDBs’ support in terms of strategic and policy advice, and financial resource mobilisation. The event also showcased the progress the IMF is making on climate finance mobilisation, as well as efforts of multilateral climate funds to scale up climate finance and ease access.
        More info
    • Supporting adaptation of Coastal Cities – First Investment of The Urban Resilience Fund B (TURF) – with Vice-President Fayolle
        EIB/Benelux Pavilion, 10:30-12:00 GMT+1
      During the side event, the first investment of TURF for the protection of Nouakchott was signed. It was followed by a roundtable on adaptation strategies of coastal cities. This innovative project will be implemented by a dedicated public-private company, the Société d'Aménagement du Littoral de Nouakchott (SALN), in which TURF, managed by Meridiam, will invest equally alongside the Mauritanian Government.
        Read Vice-President Fayolle's speech
        Find out more about the Nouakchott Coastline Development Project
        Replay the livestream
    • COP28 Ministerial Meeting of the Coalition of Finance Ministers for Climate Action – with President Hoyer
        GCA – Lab 1 – Al Shaheen (blue zone, B7, building 92), 15:00-16:30 GMT+1
      The Ministerial meeting focused on sharing success stories and touched on the challenges Finance Ministers face to create that impact and what additional steps would be necessary to not only increase the impact but also extend it to a regional or international level. The discussion was introduced by a brief presentation by the Independent High-Level Expert Group on Climate Finance (IHLEG) on their latest report on scaling climate finance.
        Read President Hoyer's speech
        More info

    05 December

    • Accelerating a just transition and just resilience globally – with Vice-President Fayolle
        EIB/Benelux pavilion, 08:30-10:00 GMT+1
      This event focused on experiences and opportunities of accelerating a just transition and just resilience globally with voices from both developed and emerging markets. It will feature the launch of EIB Global’s approach to support a just transition and a just resilience globally.
        Read the press release
        EIB Global’s approach to a just transition and just resilience
        Replay the livestream
    • The role of European private equity in promoting innovation & technologies for the green transition - with Vice-Presidents Vigliotti and Fayolle
        Joint MDB pavilion, 14:30-16:00 GMT+1
      Panel event organised by the EIF with equity fund managers and external speakers on supporting transition finance through equity instruments.
        Read the press release
        Replay the livestream
        About EIB Global

    06 December

    • Benelux countries paving the way for a Global Hydrogen Market - with Vice-President Fayolle
        EIB/Benelux pavilion, 06:30-08:00 GMT+1
        Replay the livestream

    08 December

    • Joint MDB Paris Alignment Progress Update – with Vice-President Fayolle
        MDB pavilion, 10:30-12:00 GMT+1
      This event provided an overview of progress, opportunities, and emerging challenges of Multilateral Development Banks (MDBs) in the implementation of the Paris Alignment principles. The event facilitated a dialogue among MDBs, partner countries, civil society and other stakeholders. It also showcased some examples of good practices and lessons learned from MDBs in applying the principles to their operations and activities.
        Read Vice-President Fayolle's speech
        Replay the livestream

    09 December

    • Scaling up nature-based solutions for climate, people and the planet – with Vice-President Fayolle
        EU pavilion, 06:30-08:00 GMT+1
      The high-level event aimed to raise awareness of the increasing number of initiatives on nature-based solutions (NbS) and identify instruments for scaling-up and increasing investment in the design and implementation of NbS. High-level speakers and panelists shared experiences and discussed the opportunities, challenges and obstacles of investing in NbS for climate action as well as other co-benefits.
        More info
    • Delivering on the Joint MDB Nature Statement – Common Principles for tracking nature-positive finance
        MDB pavilion, 10:30-12:00 GMT+1
      This joint MDB event provided an update on MDB progress on nature since COP27 and the establishment of a new Global Biodiversity Framework (GBF) in Montreal, with a presentation of the key deliverable for this year, namely MDB common principles for identifying and tracking nature-positive finance.
        Read the press release
        Replay the livestream

    10 December

    • Building Climate and conflict resilience through sustainable water and land management – with Vice-President Fayolle
        EU pavilion, 06:30-08:00 GMT+1
      The high-level event aimed to address the interlinkage between environmental crises, and discuss water and land management solutions that increase local resilience capacities, as well as promote inclusive water and land management that reduce the risk of new tensions in the green transition.
        More info
    • Accelerating the financing of the circular economy in climate and biodiversity strategies – with Vice-President Fayolle
        EU pavilion, 08:00-09:00 GMT+1
      The circular economy offers solutions to climate change and biodiversity loss at the source. It's time to mobilise financing to accelerate the circular economy. While sustainable tools like green bonds and impact investing can support circularity, unlocking the circular economy's financing potential remains a challenge. Collaboration between the circular community, policy-makers and financial institutions is vital for progress in financing the circular transition, especially as perceptions of risks persist.
        More info
    • Catalysing climate adaptation investments in fragile and conflict affected countries and contexts
        Side events room 7 – Blue zone, 08:30-10:00 GMT+1
      This event focused on challenges and opportunities in terms of knowledge needs, upstream support, financing and implementation of robust adaptation solutions in fragile and conflict affected countries. It also highlighted the importance of fostering “just resilience” in these contexts.
        Replay the livestream
    • Tracking adaptation finance in development projects – with Vice-President Fayolle
        MDB pavilion, 10:30-12:00 GMT+1
      This joint IDFC-MDB event served to announce the adoption by IDFC of the joint MDB adaptation finance methodology. The technical panel focused on sharing experiences, lessons learnt and challenges on supporting adaptation and tracking adaptation finance.
        Read Vice-President Fayolle's speech
        Replay the livestream
    • Breaking the Silos: How the Gap Fund Fosters Cooperation along the Project Preparation Cycle – with Vice-President Fayolle, 12:30-14:00 GMT+1
        Replay the livestream
        About the City Climate Gap Fund

    You can also check the full agenda of the events in the EIB/Benelux pavillion and in the Joint MDB pavillion.

    Top stories

    COP28: EIB Global presents first just resilience and just transition approach to meet needs of most vulnerable
    At the COP28 climate change conference, EIB Global, the development arm of the European Investment Bank (EIB), has presented its new approach to increase financing and advisory services in support of a just transition and just resilience worldwide. The EIB will be the first international financial institution to apply a just resilience approach from the start of 2024.  Building on its considerable work in the European Union, in support of communities impacted by decarbonisation efforts, EIB Global has also announced it is expanding its just transition support worldwide.
    Commission, EIB and Breakthrough Energy Catalyst partnership funds first joint projects on climate technologies
    Today, at the COP28 in Dubai, European Commission Executive Vice-President Maroš Šefčovič, Founder of Breakthrough Energy Bill Gates, and European Investment Bank President Werner Hoyer announced the first two European projects to be supported by the EU–Catalyst partnership: Ørsted’s FlagshipONE and Energy Dome’s Ottana CO2 Battery. Once completed, these two projects will be game changers in the clean tech sector and help the EU reach its 2030 climate targets. The partnership is providing €240 million in a combination of grants and commercial investment (equity and venture debt).
    COP 28: EIB and AllianzGI announce new capital commitments to the Emerging Market Climate Action Fund (EMCAF)
    The European Investment Bank (EIB) and Allianz Global Investors (AllianzGI) announced new capital commitments to the Emerging Market Climate Action Fund (EMCAF). The United Kingdom Foreign, Commonwealth & Development Office (FCDO) will commit €10 million (£9 million). In addition, on behalf of Germany’s Ministry for Economic Affairs and Climate Action, Kreditanstalt für Wiederaufbau (KfW) intends to top up its existing commitment with an additional €33 million. Including these new commitments, EMCAF will likely hold its third close with a total of €385 million in the coming weeks. Anchor investors in EMCAF since the start include the governments of Germany and Luxembourg, the Nordic Development Fund, Allianz, Folksam Group and EIB.
    COP28: German government and EIB provide €20 million grant to support Ukraine’s energy transition
    On the sidelines of a COP28 event organised by the German-Ukrainian Energy Partnership, Germany’s Federal Ministry of Economic Affairs and Climate Action (BMWK), the European Investment Bank (EIB) and Ukraine’s Ministry for Restoration agreed on the intention to sign a €20 million grant for the Renewable Energy Solution Programme (RES). This grant will enhance renewable energy in Ukrainian municipalities and foster energy independence in public institutions.
    COP28: Multilateral Development Banks boost joint action on climate and development
    Multilateral Development Banks (MDBs) have published a joint statement where they present concrete and urgent actions to scale up finance and enhance climate outcomes measurement, strengthen country-level collaboration, and increase co-financing and private sector engagement. The announcement comes as world leaders are gathering at the COP28 United Nations Climate Change Conference in Dubai, United Arab Emirates.
    EIB at COP 28: We are moving fast, but so is climate change
    The world's multilateral development banks, like the European Investment Bank (EIB), are on target and providing record levels of finance for climate action.
    COP28: Blue Mediterranean Partnership steps up support for sustainable blue economy
    At COP28, partners and donors involved in the Blue Mediterranean Partnership reinforced their support for developing the sustainable blue economy in the southern Mediterranean region. The parties involved signed a letter of intent to make their participation in the Partnership official and to make the Partnership operational in early 2024.
    Climate finance will be the test of COP28
    The COP28 climate talks need to secure adequate resources for less-developed countries to reap the benefits of the green transition, says EIB VP Fayolle.

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