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November 20, 2019

European Union invest 20 billion USD annually against climate change

EU climate change fundingThe European Union will continue to invest against climate change, which goes against the policy of Donald Trump. The European Investment Bank pledged to keep its target for the investment of approximately 20 billion USD annually in fighting climate change during each of the next five years.

“We Europeans must lead the free world against climate skeptics”, said the President of the European Investment Bank, Werner Hoyer.

The head of the bank said that Europe must become a leader in funding the next generation of sustainable technologies. The comments come as a message to the new president of the United States Donald Trump, who said he will give up the country’s strategy for dealing with climate change.

The investments in the fight against climate change already account for about a quarter of total loans from the European Central Bank.

From 83 billion EUR, which the bank allocated last year, 19 billion EUR went to projects to combat the climate change.

“Our goal is to provide 100 billion USD for activities related to climate change over the next five years – the largest contribution of any multilateral institution”, said Werner Hoyer.

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