In an effort to boost investments in climate action, the European Commission and the European Investment Bank (EIB) have announced €18 billion of financing under Global Gateway, Europe’s investment strategy for partner countries.
This will increase investment in the global partner nations of Europe in the priority areas of connectivity, clean energy, and climate action. In particular, these initiatives will work to assist prevention, adaptation, and mitigation while bridging the global climate funding gap.
Speaking from the Global Citizen NOW Summit in New York, President von der Leyen said: “Europe is already the top provider of climate finance globally and of official development assistance.
“But more is needed to bridge the climate finance gap – and everyone needs to chip in. This is where our investment strategy Global Gateway comes into play. Global Gateway invests in the projects our partners need – from natural risks prevention to clean transport and energy infrastructure.”
The Global Gateway policy is the EU’s positive offer to its partner nations in support of their adaptability and sustainable growth.
With value-driven investments from the public and private sectors, this offer aims to close the global investment gap, support the global economic recovery, and support the twin green and digital transitions outside of the EU.
Story was adapted from Enviro News