European Investment Bank Group -The collaboration between the European Investment Bank (EIB) Group, comprising the European Investment Bank and the European Investment Fund, and Mission Innovation marks a significant step toward advancing global clean energy innovation. The announcement of this strategic alliance was made during a joint event at the United Nations Climate Change Conference COP28 in Dubai, emphasizing the creation of new partnerships, blending public and private sectors, to fast-track the development of groundbreaking clean energy technologies. This initiative aligns closely with the priorities set at COP28 to meet the ambitious climate goals outlined in the Paris Agreement.
Mission Innovation, already consisting of a coalition comprising 23 governments and the European Commission, welcomes the inclusion of the EIB Group. The primary focus is to streamline access to financing for innovative projects spanning diverse sectors and global regions. Furthermore, the EIB Group aims to share its financial expertise, particularly regarding instruments that attract essential private finance. These finances are critical for supporting transformative technologies capable of steering economies toward a net-zero future. This collaboration builds upon the fruitful partnership with the European Commission’s Directorate-General for Research and Innovation cultivated over the years.
Ambroise Fayolle, Vice-President of EIB, emphasized the importance of financing future technologies in achieving global climate goals, fostering economic competitiveness, and generating new employment opportunities. He stressed the pivotal role of public multilateral development banks in the early stages of financing. Fayolle expressed the EIB Group's pride in joining Mission Innovation to contribute towards accelerating clean energy solutions and forming dynamic public-private partnerships.
Maroš Šefčovič, Executive Vice-President of the European Commission, expressed satisfaction with the EIB Group's participation in Mission Innovation. He highlighted the coalition's decade-long commitment to catalyzing action and investment in research, development, and demonstration to make clean energy affordable, attractive, and accessible globally. Šefčovič emphasized that the European Investment Bank's involvement would enhance Mission Innovation's capacity to support innovative companies and contribute significantly to the goals of the Paris Agreement and climate neutrality.
Eleanor Webster, Head of Secretariat for Mission Innovation, highlighted the seamless alignment of goals between Mission Innovation and the European Investment Bank Group. She emphasized the shared commitment to driving clean energy innovation and achieving the objectives of the Paris Agreement. Webster underscored the potential for increased impact by combining resources and expertise to accelerate the development and demonstration of innovative solutions.
The EIB Group, known for its extensive experience in establishing public-private partnerships, collaborates closely with the European Commission and the private sector to mitigate risks that private investors might be unwilling to take, especially in the early stages. The EIB Group played a crucial role two decades ago in establishing offshore wind as a competitive and reliable energy source. Presently, it continues to play a central role in scaling up innovation in challenging-to-decarbonize sectors such as steel and shipping.
Simultaneously, Mission Innovation is rolling out ambitious missions to mobilize international action necessary to achieve tipping points in the cost and scale of clean energy solutions by the end of this decade. The alliance between the EIB Group and Mission Innovation underscores the significance of early-stage investment in clean energy technologies, serving as a critical component in the pathway for these missions to attain their objectives.
