European Investment Bank to Expand Work on Climate Change

21 April 2010: The European Commission presented a proposal on the external mandate of the European Investment Bank (EIB) until 2013, which would activate a EUR 2 billion optional mandate for projects contributing to address climate change.

The Commission also proposed to: replace the current system of regional objectives with horizontal objectives in the areas of climate change, social and economic infrastructure and local private sector development covering all regions under the external mandate; increase the focus of EIB intervention in environmental infrastructure, including water and sanitation, sustainable transportation and climate change mitigation and adaptation; and activate the EIB external mandate for Iceland, Belarus, Libya, Iraq and Cambodia.

A staff working document accompanying the proposal provides further details on the possible EIB activity in support of climate change under the EUR 2 billion optional mandate. The proposal will now be discussed by the Council and European Parliament. [EU Press Release]