Climate finance activities of the multilateral development banks, emphasizing the role of the European Investment Bank in this regard

Abstract

Regional disparities have always been present in the history of the European Union that has become more and more significant and intense on the occasion of the continuous enlargements of the integration. The European Investment Bank (EIB) as a policy driven development bank of the European Union plays a crucial role in reducing these regional disparities and fostering the social and territorial cohesion of the union by providing funds at favourable terms. The EIB, on the path of considerable metamorphosis, is being transformed to a so called climate or green bank, having simultaneously two task to fulfil, namely to strengthen the European Union’s position on the multi-polar global market and secure a just transition for those regions that are mostly hit by the measures taken for a climate-friendly and environmentally sustainable economy. All of the multilateral development banks following the parity and disparity models place great emphasis upon climate finance to contribute to sustainable economic growth, increasing employment and a heathy planet. The research covers the period of time between 2015 and 2025.