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IP/10/1621

Brussels, 29 November 2010

Commissioners Piebalgs, Hedegaard and Füle announce "Climate Change Windows"

As the Cancun Climate Change Conference kicks off, the Commissioner for Development Andris Piebalgs, the Commissioner for Climate Action Connie Hedegaard and the Commissioner for Enlargement and European Neighbourhood Policy Stefan Füle announced today specific climate change "windows" in all EU regional Investment Facilities. These "windows" indicate the financing and enable tracking of all climate change related projects funded by the EU,the European Investment Bank and other European Finance Institutions through these facilities. They encompass both public and private investments in strategic areas like transports, energy, environment, water, sanitation and forests.

EU Commissioners Piebalgs and Füle said: "The EU is the leader in supporting partner countries to face climate change. Through the different investment facilities the EU has a 7 billion euro pipeline of climate change-related projects in our partner countries making them a key instrument to turn climate change into opportunities for more sustainable growth in developing, enlargement and neighbourhood countries. The "Climate windows" enable to demonstrate the value of such investments from public and private sector."

Commissioner Hedegaard specified: "On my way to Cancun, I am particularly pleased to announce, together with my colleagues, the creation of climate finance windows which will boost developing countries projects to adapt to the effects of climate change and invest in a low carbon future. This innovative initiative will also increase the reporting and transparency of EU climate finance."

The private sector and in particular small and medium size enterprises already play a key role for investments in climate resilient, low-carbon economies. The involvement of the private sector in climate change relevant investments can still be reinforced by the provision of grants together with loans provided by European and regional finance institutions.

Covering most of the world, the different Investment Facilities managed by the Commission already provide a vehicle for enhancing private investments and Public Private Partnerships.

The Neighbourhood Investment Facility and the Africa EU Infrastructure Trust Fund already contributed to the financing of low-carbon and climate-resilience projects exceeding respectively € 3.5 and € 3.1 billions whereas the new Latin American Investment Facility, created in May 2010, has already approved projects worth more than € 365 millions.

Currently, new climate change related projects in the pipelines of the different EU facilities amount to more than € 7 billions.

The EU commits to report on the financial resources leveraged through the windows, clearly separating existing and additional resources and by such improving EU accountability and transparency.

Background EU regional Investment Facilities

In the last two years, innovative financing mechanisms have been developed by the Commission to pool EU grants with loans from European Finance Institutions. These EU-funded investment Facilities aim at mobilising additional funding to cover the investment needs of our Partner Countries; e.g. the Neighbourhood Investment Facility has so far allocated more than €275 million of EU-grants in order to leverage additional funding for projects worth more than €9 billion of total investment costs. The Facilities support projects in various sectors such as Energy, Environment, Transport and Social issues and provide support to the private sector targeting Small and Medium sized Enterprises (SMEs)

For more information:

EU Investment Facilities

Neighbourhood Investment Facility (NIF):

http://ec.europa.eu/europeaid/where/neighbourhood/regional-cooperation/irc/investment_en.htm

EU-Africa Infrastructure Trust Fund (ITF):

http://www.eu-africa-infrastructure-tf.net/

Latin America Investment Facility (LAIF):

http://ec.europa.eu/europeaid/where/latin-america/regional-cooperation/laif/index_en.htm

Western Balkan Investment Framework (WBIF):

http://www.wbif.eu/

Examples of EU funded climate-related projects

Interactive map with new case studies:

http://ec.europa.eu/europeaid/climate-change-actions/

See also:

MEMO/10/628

Website of Commissioner for Development Andris Piebalgs:

http://ec.europa.eu/commission_2010-2014/piebalgs/index_en.htm

Website of Commissioner for Climate Action Connie Hedegaard:

http://ec.europa.eu/commission_2010-2014/hedegaard/index_en.htm

Website of Commissioner for Enlargement and European Neighbourhood Policy Štefan Füle:

http://ec.europa.eu/commission_2010-2014/fule/


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