Will climate change strand your assets?

A useful session in this morning’s Environment Committee with Dr Hoyer, President of the EIB.

It’s well worth watching/reading if you want to get a better understanding of the issues around financing the transition.

Auto-generated transcript

thank you very much the Chairman always

had the idea of being an MEP one day and

even sharing the committee so I never

succeeded so it’s great to be back and

we met recently cleaner e on the

greening the EMB issue that was a few

days before we took the crucial

decisions at ARB and then we met with

this committee indeed immediately before

Paris cop21 stretch in between but it

looks like always we have afterwards

been succeeding in taking some influence

on the cop deliberations and I hope this

will be the case in Madrid as well this

year I’m grateful to Pascal co-founder

to giving me the opportunity here today

last week this house adopted a

resolution declaring the climate and

environment emergency I fully concur

with this assessment and on the urgency

to act the IPCC clearly indicated the

years to 2030 as our last window of

opportunity to hurt catastrophic climate

change this is also true and I mentioned

this deliberately for the protection and

biodiversity and ecosystems this will be

center stage in kunming yunnan in

october 2020 so next year so we better

prepare for that and have just as

ambitious objectives as we have for the

climate summit I believe we can address

the climate crisis head-on but we must

act rapidly and work together and since

the meeting we had in the plenary a few

weeks ago development has taken place in

the bank that has surprised everybody

including us in the leadership of

because we knew it will be a difficult

way in view of the fact that 28 member

states do not necessarily always have

congruent ideas it’s certainly not an a

difficult issue like this one but at the

end of the day we succeeded to get a

enormous majority that both of the

presented capital and the votes and then

we’re grateful for that this has been

accomplished by our services but in

particular by three vice presidents of

the bank Arabic dual is sitting here it

has been the one who has been working

endlessly on the new energy lending

policy of the bank which included of

course to move out of fossil fuels and I

wouldn’t want to imagine what kind of

resistance he has been meeting there

Amanda Varro the vice president has is

the one responsible for climate so she

normally should be here with us and she

will be with you at your disposal

whenever you want to talk climate with

her but she is as in Madrid already

today so apologizes and always fire he

of course is the one who combines strong

ambition on sound and green finance with

climate admission and has been very much

pushing the issue in the bank so I thank

them all and if I may be so present if

there are questions which go far beyond

my remit or in understanding then I

might include two gentlemen into my

responses as last week in its resolution

for cup 25 this house welcomes the EU

banks increased ambition on Climate

Action eight environmental

sustainability and I thank you very much

for this recognition you cannot believe

how well this is registered by 4,000 of

staff in the bank it’s important very

motivating

indeed on 14th of November the Ewbank

decided to make a quantum leap in its

ambition your bank you bank will stop

financing unabated fossil fuels energy

projects and will launch the inverse

ambitious climate investment strategy of

any public financial institution

anywhere and I am convinced after the

experience

of Paris four years ago when we were the

driving force behind the multilateral

Development Bank’s

but also this time we will be in the

lead with others others will follow our

new targets are clear first we will

increase the share of climate action and

environmental sustainability financing

to 50% of our business by 2021 by the

way some people sometimes say EAB should

become the climate bank it’s not in our

name but we are the climate bank of the

European Union for decades we are by far

the strongest climate project lender in

the world by far and we intend to

further work on this we had roughly 15

percent of climate lending 10 years ago

in Paris we committed to go up to 25

percent we are now at 27 and we will go

to much more as I will say in a few

minutes because by 2020 we aim to

support no less than 1 trillion euro of

investment in these objectives globally

by 2030 I was a little bit shaky when I

announced that figure in the General

Assembly of the United Nations because

that was before we met and that was

before I got the approval of the organs

of the bank so it was a little bit on

shaky ground but at the end of the day

we did third we will align our financing

activities with the principles and goals

of the Paris agreement by the end of

2020 this is an important part of the

program because if we commit to do 50%

climate lending then you must not be

allowed to destroy with the rest of you

50% lending of the objectives you have

reached with your climate lending so

doing 50% with the good conscience and

50% with the bad conscience is not the

solution this also implies the urgent

need to have clarity on the funding side

green bonds is an issue frequently

raised we invented green bonds

five years ago at Green yeah B we were

considered lunatics at that time not me

I was not there yet but our princesses

they were very courageous at that time

and we had outstanding partner in the

stock exchange of Luxembourg one of the

most dynamic places for these activities

but what became very clear very soon is

that you need clear rules for what is a

green bond you cannot simply take a

piece of paper paint it green and say

this is a green bond now no the

investors you need to bring it on board

they need to know what you are doing

with the money they entrust you and

therefore there must be transparency

accountability and sustainability and

this must be checked and there must be

international criteria what is green

there is the working group on green

principles which is a large large extent

it’s influenced by our experts this Beck

have come very far but I agree with the

European Commission that is necessary to

arrive at a solid framework for this in

form of a taxonomy which makes sure that

green cheating stops green washing is a

risk for our credibility not only

visibly the citizens it’s of course the

case because then they might not believe

in climate policies anymore it’s huge

credibility risk visibility investors

and they act quickly if they don’t trust

us anymore what we do with their money

we have a problem

so these decisions send an important

signal to the world they prove our

determination as Europeans to send a

strong message in Madrid that EU is the

global leader in the fight against

climate change this committed to

continue to be sober stepping up its

action and that also means ladies and

gentlemen that by quickly developing the

necessary technologies also by

technology leaps we will be the

front-runner in the development of the

necessary technologies for the entire

world at a time when Europe blue

loses competitiveness each and every day

we because we don’t do enough on

innovation we finance 15% 1.5 percent of

our GDP less in innovation activities

over 15 years now compared with our

Asian and North American competitors so

we must move forward on this as well so

track climate policies that’s not

charity that’s a good opportunity to

develop markets as well and we should

grab this opportunity in this context

the bank is looking forward to working

with you and the European Commission and

of course the Council to implement the

ambitious vision of the European Green

Deal I believe the new bank is central

to realizing the EU climate neutrality

ambition investment will be crucial to

achieve the desired objectives but

public resources are scarce the EU bank

for its ability to mobilize private

investment in its capacity to provide

advisory services to make products

bankable is ready to play a key role in

the future sustainable Europe investment

fund we are also ready and look forward

to bring our advisory services in

financing power to support the European

Commission just transition mechanism the

you bank is well aware of the fact that

the transformation required to meet the

Paris agreement goals will affect some

areas communities and sectors more than

others we commit to increase our support

for just transition in the most

vulnerable groups and regions ensuring

that no one is left behind a new energy

lending policy already proposes some

measures in this regard such as the

development of an energy transition

package which includes the possibility

to exceptionally finance up to 75%

instead of normally 55 50 percent of the

eligible project cost for new energy

investment in countries hit hardest by

the in transition however the issue of

addressed transition is much broader

than the energy policy it is not only

about renewables not only about energy

efficiency it’s also about the provision

of new economic perspectives growth and

jobs because definitely the fossil fuel

industry for instance jobs will get lost

and these people need new jobs and you

don’t convert somebody who has been

working in a coal mine for twenty years

into the head of a digital startup in

two years so it takes the real effort to

get there and we are ready to contribute

to that as well let me explain to you in

more practical terms how we plan to

deliver on our new ambition the EAB

group that is the bank and the fund our

subsidiary is currently working on a

roadmap the climate bank road by 2025 to

deliver on the EAB group ambition over

the period of 21 to 25 we’re happy to

present this in due course to this house

the you climate Bank Road mint roadmap

2025 bills upon and with forces the

abbeys existing climate strategy which

is currently also undergoing a review

since being approved in 2015

significant progress has been made of

the EAB climate strategy implementation

and on delivery of our commitments made

in Paris four years ago we need to work

extremely closely with the EU

institutions in Brussels in sauce pool

because it is quite obvious that the

activities of this Bank always consists

of work in the triangle between lending

which is normal for a bank lending

that’s the grip on EU resources which we

need to have and advising lending

blending and advising belong to together

under one roof and this is why we need

the close cooperation with you and the

European Commission and of course with

the support of the Member States when it

comes to the future of the EU budget and

there we must know what is in the Green

Deal and the just transition package so

far it’s a programmatic name but we need

to find out in the next weeks in our

very close cooperation and particularly

till months

this team but also did talk with Brazil

for the line last night we must get our

forces together in order to achieve that

because you know when we all talked

about this vision some people get

nervous because they think you might

need it psychiatrists if you have a

vision but what we need here is to bring

flesh to the bone and that’s the work

for the next week to make it a little

bit more tangible what is meant by the

Green Deal and a just transition fund

and I can assure you that we are very

very close exchange with the European

Commission on this thank you very much

for your attention and later on we’ll

write together to take all your

questions you might have and if we are

not able in the limited time we have

today to answer and it responds in the

video to each and every question we

assure you that you’ll get the responses

afterwards our colleagues from the

Brussels and the lots of work offices

are here thank you thank you let’s check

it works seems to be working so

seems to be working okay so we start

with the the coordinators or the

representative so start with the EPP

Patel is a young care thank you very

much chairman Thank You president Hoya

you mentioned the sentence at the end

that a former Social Democrat German

Chancellor said if you have a vision you

should go to the go to a psychiatrist I

think we need visions however and I

think it’s good that all Sola Fund a

lion has a strong vision of a climate

neutral Europe and that do you support

that I think your remark meant that we

shouldn’t remain with the vision we

should actually help people that the

topic of just translation is very

important for the EPP and we actually we

do indeed have to put more flesh on the

bones for people who have lived from

coal hitherto I have two specific

questions last week we adopted we

supported the transformation of the eb

ib into a climate bank with by a large

majority you said rightly that the eb

won’t support unabated fossil fuels any

more if I understand that correctly a

means that we see a possibility for CCS

carbon capture and storage that this

technology will be supported second

question there was some clarity as to

gas as a transition technology in

combination with renewables I think in

certain countries that will be necessary

that that isn’t the goal for 2050 but

looking at the current situation in

Poland going from a lot of coal to very

little gas within renewables is a very

good investment and I hope that you will

continue to support that thank you

so for snd you – good no Mohammed Shane

thank you dr. Ella of Doctor Who you

thank you for your introduction we as a

cently welcome of course to transition

from the aiibi into partly at least a

climate bank we were a bit considered

what you mean with low emission gases

but that’s something that pitiless also

asked and also what you said about that

investments in Ana

so the investments and fossil fuels are

acceptable if there’s a if there’s if

they are unabated so there’s a

discussion currently in Parliament about

the green taxonomy and as you said that

50% of the investments of the EIB will

be put into green investments and 50%

will be left for other investments but

there you will really check whether

those investments go against the Paris

agreements or not so my question is

would you approve or would you promote

having besides a green taxonomy

discussion also a clear definition of

brown taxonomy and would that be helpful

for the investments of the IB of course

for in earnest overs Thank You Pascal

and excuse me for having a voice which

is more like an old Raven

and a human being but that’s life on the

slope down to co2 neutrality we have

different technology technological

material scientific organization

intellectual state dependent bottlenecks

they look different for transport and

for buildings and for different fields

of Industry how that and they have it

usually also different investment cycles

and you have in the background and you

have different conditions of

biodiversity

and the bank should be able to in some

way to accommodate all these different

aspects it’s like a kaleidoscope which

is turned by by by time and all when

time turns that kaleidoscope the picture

becomes very much different and my

question is therefore very simple how do

you cope with all these very very severe

and sometimes contradicting the effects

thank you thank you for the greens the

Paris now will change go ahead Thank You

chair thank you mister hiya am and

indeed we also be greens we believe that

this is a big step in the in the right

direction but we have some questions on

the exact implementation of of what you

are doing and so the first thing you

already touched upon is you spoke about

this roadmap and maybe you can explain a

little bit more what you what do you

mean how do you what are the next

concrete steps to implement em your goal

of reaching 50 percent and and what are

the timelines for the revisions of other

sectoral lending policies for instance

in transport and then it would be

interesting to understand what do you

exactly mean with aligning with the

Paris agreement objectives there is the

do no harm principle how will you apply

this do no harm principle and when it

comes to lending for gas and there is

the for specie Eilis that is still being

funded the funding will continue until

2024 I understand you will continue

funding and the transition to gas

heating systems so my question to you is

don’t you think that you are adding a

risk of stranded investments in the

portfolio of the

be and how do you assess this and how do

you define low carbon gases and there’s

not yet a clear definition of what it

actually means and will this like low

carbon gas definition will it actually

lead to continue financing fossil gas

and and then you are you spoke about the

climate strategy and that you are also

revising the climate strategy of the EIB

maybe you can explain a bit more what

other concrete steps and goals and

objectives of revising the yabby climate

strategy thank you very much thank you

for easy yep thank you chairman Thank

You mr. president

I would have a specific question but can

also serve as a general one I try to

raise this at a plenary a couple of

weeks ago when your collaborators but

well we’re here but I did not get any

kind of a response

I’m from Prague Czech Republic so it’s a

traditional crossroad you know heavy

traffic connecting Berlin with Vienna

Frankfurt this with war so we did not

have finished a highway ring around so

it means that truck is totally jammed by

the trucks from everywhere by other cars

and we do have a municipality which is

led by in fact the Pirates who are part

of the Green Party here and they

promised the EIB financing for

completing the rink around prague and

here is my question because if this ring

is finished they do dramatically improve

the quality of would reduce the air

pollution in the capital of my country

at the same time it would not contribute

to the paris goals by anything so the

cars would go just around so improving

the local air quality but not

contributing to the global

in the new transformed a I be can we

have a landing of of the money or not

and in the general sense you know any

type of this kind of investment but it

would be eligible for Eid financing

thank you thank you for ID and sorry for

the switching but we didn’t have to on

the list

see yes I’ve done no problem

Thank You chairman mister hiya mister hi

I rent that you were intending to invest

a trillion euro up to 2030 that was the

figure that the EIB has planned to spend

in the light of this climate hysteria

that seems so taken over the European

Parliament now the only real tool to

stop all these people dying around the

world apparently here’s my question if

as greater toon berg says there’s this

emergency in this risk of mass

extinction how is it possible to take

public investment I’m out of the picture

of this emergency let me explain what I

mean if you’re saying we’re all going to

die

this is a real priority how do you

manage at the same time to you know

ensure that the budget is respected not

all the Member States of course there

there are good and bad pupils there but

but just dealing with the climate crisis

what’s your creating the new climate

fund is just that the latest of many

bubbles in the financial sector you seem

to be pursuing the interest of major

investors and banks

rather than protecting citizens real

needs in Europe so can you explain to me

how you reconcile this will to tackle

the possibility of us all dying because

of the climates getting worse every day

while at the same time you’re wrapping

the various member states on the

knuckles for every tiny cent they might

spend to do something about it

Kiedis Thank You chairman Thank You mr.

Hoyer for your introduction in the big

picture it’s a very good thing that

you’ve made this decision about

supporting fossil-free investments so we

have one source of financing working

against the climate targets the

timetable is very tight we have public

procurement and public investments in

the member states that ago against the

climate targets so that’s wasted money I

have two questions one on gas which a

colleague raised on the second is on

energy efficiency you talked about the

targets for 2050 which is the overall

target we think the 2030 target is the

most important one we should show a road

mate how we going to get there otherwise

it will run away from us we talk about

the Union being a pioneer but but the

targets are not yet based on science and

we’re not at the right level yet

what

what we’ve heard about the Green Deal

and the green economy package it still

doesn’t offer targets at our ambition

officious enough and and that’s being

the case we can’t call ourselves leaders

the most so I wanted to ask about

getting guesses what are a low emission

gases do you think really that CCS is

the solution I think I don’t think the

large-scale solutions are yet available

so what are low emission gases wouldn’t

it be more sensible to switch there’s

straight to clean truly renewable energy

sources natural gas might be a

transitional assertion my second

question is on energy efficiency that

should be supported but what are the

criteria to make sure that investment on

energy energy efficiency take into

account Lee in entire Jo entire

lifecycle in terms of the life of

buildings and the life cycle of

materials so if you know me we will go

directly to the other questions

otherwise okay so I close the list here

I have around nine additional speakers

so please stick to one minute for your

questions otherwise you won’t get the

answers okay I’m sorry about that it’s

your success but then we have a voting

session and we have to be on time so

let’s start with the EPP again and madam

Maya sake

thank you Jeff for giving me the floor

thank you mister however having you here

in this very interesting debate I would

like to ask you very briefly two

questions first in my home country

Greece we have two regions in transition

the one is the region of western

Macedonia and the second is the city of

megalopolis I would like to ask you

kindly and frankly if you have any kind

of suggestions to the local authorities

in order to start providing a new

eligible project for the EAB and second

it is the question concerning the use of

gas as a transition as a transition firm

I would like to ask you at the same the

same framework if these regions in

transition could use gas or could use

gas with the facilitation of vab in

order to facilitate the transition thank

you very much for deviatoric Thank You

mr. chair together was approval of the

new AIB energy policy on November 14th

the EIB Board of Directors approved a

new strategy that includes the gradual

increase of the share of its financing

dedicated to climate action and

environmental sustainability to reach

50% of its operations in 2025 and from

then on so far a ad has had a target of

25% dedicated to the climate action

projects only

and this last increase up to 50% is not

only in percentage but also in the scope

as it includes not only climate action

dimension of projects all horizontal

perspective but also environmental

sustainability which is a separate

sector of projects with vertical within

existing methodology of the bank it is

not possible today to count how the

start that is rich so my question is

what is the new precise target for the

climate action and what will be the

emotive methodology to count it thank

you very much thank you

for Renu yen with Emma it’s not here so

multi no six thank you very much I’m an

AH and thank you for the presentation

very interesting I would like to ask how

this lending policy which i think is

really great step forward could

contribute to what I would call the leap

frogging in the Central and Eastern

Europe I come from the region and it’s

often very dependent not only justly the

Forsyth was especially cold but it’s

also very heavy on industries and energy

intensive industries and I wonder if

this energy of ending policy could help

to kind of overcome the technological

gap and kind of move it into what I call

the renewable age thank you for the

greens Thank You chair Thank You mr.

Hoya for being here and I would like to

folk here I’m actually I would like I’m

thanking you explicitly for mentioning

kun Ming because I think that

biodiversity crisis is compared to the

climate crisis it’s somewhat overlooked

and I would be very interested in what

kind of projects would the e I be like

to finance in that in that policy area

or do you think of financing

conservation projects or agricultural

projects which are are enhancing

biodiversity or are you think of

projects like greener cities with

biodiversity spots in the city I would

love if you could enlighten me a bit on

this thank you thank you for easier and

as a used car

procession Bank o son of Levi Strauss

jinkies a tough spot Kanye says kill

Capitan rose means rob a ski banker

invested saying there and I have a few

questions the bank that you direct is an

independent body which has a legal

personality which manages public and

private money my first question is as

follows

cooperation with the Commission which we

hope to see present directives soon

apparently there is a an interpretation

problem and the table appears I appeared

shut it down yeah yeah so now on to my

first question how will cooperation with

the Commission work how do you imagine

this you are managing colossal amounts

and so I would expect to hear more

tangible and precise information from

you I would like some more concrete

elements from you and my second question

regards gas we are worried indeed by

rumors that the bank is preparing to

refuse funding of projects linked to gas

this particularly worries me because

Poland has invested a lot in projects

leap – gasps thank you well agree Mike

Wallace nice chair

and the higher your your final policy

retains the revised provision which was

not in the original draft which would

allow you to pop money into liquid

natural gas projects like the one the

Shannon s tree in Ireland which will see

us import fright gas from America and

lock us in to this for decades to come

your vice president sitting on your left

there Andrew said recently in an

interview that AIB will continue to lend

to faster gas projects after 2091

as long as they meet strict emission

standards can you elaborate on this pine

please your policy also says in general

the bank will only support power

generation projects which emit less than

250 grams of co2 per kilowatt hour but

the Commission is working on a draft

sustainable finance taxonomy as part of

this process it sought input from a

technical expert group according to the

experts gas-fired plants would not

qualify as

the activity because they emit more than

100 grams of co2 per kilowatt hour of

electricity produced a hundred grams is

the treasure all defined by the export

groups to qualify as making a

substantial contribution to climate

change mitigation so you’re 250 figure

is over is two and a half times what

what they’re allowing can you please

explain this please thank you for the

last three speakers from EPP man and Ben

Taylor yes Linda kohai of Iran Thank You

mr. Hoyer for your introduction to what

extent is the ib e ib giving loans for

climate projects outside the EU and what

extent do you see an increase in these

measures against the background of the

fact that in the european parliament

we’ve decided that we measures for

development aid for climate and

environmental protection measures should

be doubled in the next parliament and of

course because it makes sensible to make

environmental protection international

and perhaps we can make a greater

contribution in that way thank you for

SMGs is our way now reckon you’ll

proceed definitely a senior you know

lead on good mornings to hire I haven’t

heard you saying that biodiversity you

planning to invest in natural solutions

to tackle climate change now you in your

CV you’ve made safe investments to make

sure you can keep the the Triple A

rating that’s what private banks do I’m

rather surprised by that attitude on

what’s supposed to be a Development Bank

and so how do you envisage reconciling

this obsession with maintaining a

triple-a rating while also making green

investments which we so sorely need if

we’re to provide some impetus for a new

economic model even if some of those

investments may theoretically be less

financially secure than traditional

investments yes thank you very much

and Thank You mr. Hoyer for being here I

just have a very short question is how

about let me start over the small and

medium enterprises I think are the

driver for innovations and can be a very

valuable solution also for Clemson how

can we make sure that also money spent

from the European Investment Bank goes

to the right people and also goes to for

example small and medium-sized

enterprises thank you very much thank

you so if I can ask you to answer all

these questions precisely in a maximum

of 15 minutes really great yeah minimum

of 10 maximum of 50 okay and then we

close thank you very much chairman this

is a generous offer I know how precise

the European Parliament is on time

limitations this is quite a bouquet of

questions and I want to be able to

answer all of them so be sure and remind

us if we don’t do it that you get the

response individually from from our

Brussels office here but in general the

the scope of the questions including the

last one we just heard on SME for

instance shows the spectrum of

activities which are expected from the

bank so we are a climate bank we’ve said

and we will be even more one we are the

climate bank for a long time and climate

will get more and more center stage but

at the same time we expected to produce

jobs for SMEs at the same time we are

expected to fight against the loss of

productivity and competitiveness visa we

are trading partners by investing much

much more into innovation of biggest

weakness and at the same time we are

expected to contribute to the vision and

ambition to bleak be a global player and

have in that context a strategic

autonomy for me one of the most

important ambitions raised in the recent

months and years so we need to

contribute to that so that means we have

different sets of objectives climate

innovation growth and employment

and a few others and you must make sure

or it not to drown in this set of

ambitions and objectives that you

reconcile objectives which might seem to

be contradictory take an interesting

example in our neighborhood Western

Balkans area which we should give much

more attention to the Western Balkans

you can see those countries with which

we cooperate which do combine the move

towards the European Union which is a

special way of of cohesion policy with

innovation those regions and the Western

Balkans who are particularly ambitious

on innovation are the most successful in

moving towards the European Union at

least economically so this shows we must

reconcile our emissions and therefore we

say oh as we said in the United Nations

General Assembly adjustable as in in

Paris recently and we will do again next

week

in Madrid there must be climate in

everything we do and that means we are

to make sure that we do not undermine

our climate successes with the other

part of our business that is difficult

because sometimes that leads to wrong

conclusions I believe that in a world

where we want to be a economic power and

technological leader we will you might

imagine what a bad word

we need roads we need rail we need air

we need ports this will be remain the

case but it must be done on a

sustainable scape and why so this is why

we we are not dreamers we believe that

these successes in climate and natural

preservation nature preservation

activities must be done with the highest

ambition of of technology and innovation

and therefore the question concerning

our business outside the European Union

was particularly interesting for me

because there you can really nisi what

quantum leap or Frog leap development

means and sometimes as was said I think

we’ve called

from Poland that is true for the intra

EU situation as well we have areas where

we need frog bleep development in Africa

it’s evident it’s so highly motivating

if you go that’s a to to come a rune or

to Ethiopia where you see that the

arrival of of the cellphone has

revolutionized societies by bringing

access to information to health

information to into insurance to banking

activities to regions where the X is to

a bank outlet is it possible and this

has triggered an enormous increase of

activity economic activity of SMEs very

small businesses micro business in

particular with women who so far did not

have access to markets at all so these

are developments who make a huge

difference and what the Blessed Africa

is nowadays that after having been

neglected for so long time nowadays they

do not think to invest into a copper

cable based telephone system they move

directly to mobile communications that’s

happening it’s having a big scale with

our support but we can do as much as you

allow us to do you as members of the

European Parliament but also our

shareholders the member states of the

European Union and so far they had a

they hesitated to go for to more than 10

percent of our lending outside the

European Union in particular in

developing countries I believe that must

stop after the migration crisis and

unfortunately it took the migration

crisis the Europeans have woken up on

development challenges they see now what

it means in Africa when every guy grows

to four billion people by the end of the

century so it’s time to think

development not in terms of charity or

donor think the recipient thinking but

in terms of strategy and that requires

we must think development big so

development is another area where we

must make sure that our objectives fit

together and it goes without saying that

any development project we support in

Africa or Latin America or the eastern

neighborhood all important need to meet

the standards which we apply to

environmental acceptability within the

European Union

as well so of course it guides us in our

activities outside the European Union

second but I would like to refer to is

the issue of stranded assets that has

been mentioned this is key I mean some

people also in our community here have

very much goodwill and sometimes even if

your ideological approach or climate

policy I don’t have that at all I want

to clean environment and I want the

nature to survive but I want to do it

with with high-tech and therefore I want

to invest into assets which I do not

need to write off too soon from a bank

that’s a purely professional view if you

see you go into an investment that has a

lifespan of 40 years and you know in 15

years that’s over then it’s pretty

irresponsible banking and you can’t

imagine I discussed that thing with the

heads of the biggest commercial banks in

Europe and insurance companies who we

need a food co-financing and they say

the same thing are you crazy to go into

this kind of assets if you know you have

to write it off so so from that point of

view the issue of stranded esses forces

us to be more cautious because otherwise

the the need for writing off that is

making losses for the bank lends with

the taxpayer of the member states of the

European Union that is not the choice

third issue I want to address a visibly

life cycle thinking indeed we have a gap

here but this is cost in general we in

Europe do not invest enough from the

beginning when we go into an

infrastructure project for the

foreseeable maintenance and

rehabilitation of that projects

necessary in order to reach the end of

the lifespan of this project so that

leads to a built-in deterioration of the

quality of the infrastructure asset and

then Ken’s come to certain disaster and

the bridge that collapsed in Italy could

have collapse in any other part of

Europe as well so deaths don’t get

things wrong this is really important to

think long term and also in terms of

maintenance and rehabilitation and by

the way in some parts of energy also

about

removing certain assets one day which

will be extremely costly then my last

comment and then I’ll leave it to my

colleagues on voice for a transport and

in particular the energy questions to

mr. McDowall I would like to say one

thing on good mine we are very ambitious

there and we had a very good prepper

Eric conference for for Chile or now for

Madrid with the coalition of Finance

Minister for climate in the Vatican this

year with the Pope

extremely ambitious and encouraging

event and there became clear how

important for all of us could mean will

be and that means for us that we

concentrate even more on what we are

already doing in countries outside the

Europe but the reforestation agriculture

is more and more important

our ambition on oceans was expressed by

the initiative on clean oceans which we

undertook two years ago together with FD

from France in kfw in Germany

so these and eco is now on board as well

as BGK so we going to develop these

things further and we go to the kunming

with an ambitious agenda and I’m anytime

ready to report to the European

Parliament before we go there and if I

may and rubadoux maybe theirs are the

most compelling questions okay starting

with energy thank you quite a number of

questions on the role of gas in our in

our new energy landing policy and one

question on energy efficiency just on

the role of gas I mean we should be

clear that the Enderle energy landing

policy does not completely reject the

role of gas in the energy transition

what it argues is that in line with EU

climate and energy targets the gas

sector itself needs to be decarbonized

needs to be a basement particularly for

a bank you for to finance assets that

risk being overtaken by new technologies

and becoming stranded assets we want to

make sure those those projects use the

best available technologies to

decarbonize themselves so we do

recognize the role that that low carbon

gases can play particularly as a backup

to renewable energy

and the deployment of intermittent solar

and wind power in the energy transition

I suppose that brings us to the question

of what is the definition of low carbon

gases what we propose in the document is

that for power generation that new power

generation using all available

technologies but including gas must meet

a new emissions performance standard of

250 grams of co2 per kilowatt hour that

compares to our current standard a 550

grams of co2 per kilowatt hour now to

our knowledge the only way gas fire

generation projects can meet that

standard is in one of three ways using

current available technologies one is

combined heat and power where the

surplus heat from power generation is

used to heat water mainly for district

heating systems that’s an extremely

efficient technology and reduces the

emissions associated obviously with

energy production the second way of

doing it is through the blending of

renewable gases biogas synthetic gases

and ultimately in the future hyde green

hydrogen into the mix used for a

gas-fired power generation and that

again is a way to bring the emissions

performance down below the 250 standard

and the third way as has been suggested

is through the combination of carbon

capture and storage wood gasifier

generation now we recognize these

technologies are expensive currently

they’re quite immature most of them and

that’s why we have signaled that we we

we are in a position to blend low-cost

EIB death would grant aid under the

modernization fund the Innovation Fund

and indeed from national resources to

bring these technologies to make it much

more commercially interesting for the

promoters we were also asked the

question what why the 250 standard as

opposed to the 100 standard under the

sustainable finance taxonomy now let’s

recall the sustainable finance taxonomy

is about the definition of green finance

it is a bad projects that make an

extremely positive contribution to

climate action and the other environment

and therefore environmental objectives

the 250 standard is about Paris

alignment and don’t forget Paris

alignment is a slightly lower standard

of do no harm it’s not saying you’re

making an extremely positive

contribution which is which is what’s

required for the label of green finance

it’s just saying you are doing no harm

with the 250 standard and that’s why

there’s a difference between the 250 so

if we finance power generation

renewables mainly that meets the 100

gram standard we can finance that with

our green bond issuances on the other

hand if we fire if we finance a combined

heat and power plant that only meets the

250 standard it still Paris aligned but

we can’t label it as green finance and

just finally on the energy efficiency

question I think this is an extremely

interesting area I think this is the

area perhaps that’s been most overlooked

in the energy lending policy because

this is the area I think that offers the

greatest potential for for much higher

levels of VIP financing in line with the

the climate in energy targets of the

European Union and we all know the

numbers of a requirement of about 200

billion investment a year in the

building stock in order to meet those

targets our requirement is that up until

the end of 2020 any any building new

building we financed obviously must meet

the near zero energy requirement past

2020 when that requirement becomes

obligatory we need to set a new standard

and I think there’s going to be this is

a work in progress for the bank together

with the European Commission and that

new standard I suspect is not just going

to focus on the operating efficiency of

the building it’s going to have to focus

indeed as the question are asked on the

lifecycle efficiency on the embedded

carbon performance of the building as

well as other criteria over the lifetime

of the answer thank you very much thank

you so we are close to 15 minutes and we

are running late now so thank you thank

you very much for coming before the

Parliament and before the enve committee

we got your point about coming ok so it

means that we might receive you might

receive an invitation before coming so

that you can explain to this house and

to this committee what would be used by

diversity strategy before coming

so and we are going to vote of precisely

on this topic in a couple of minutes

so thank you again to you mr. president

and to you team and see you soon

[Applause]

thank you very much the Chairman always

had the idea of being an MEP one day and

even sharing the committee so I never

succeeded so it’s great to be back and

we met recently cleaner e on the

greening the EMB issue that was a few

days before we took the crucial

decisions at ARB and then we met with

this committee indeed immediately before

Paris cop21 stretch in between but it

looks like always we have afterwards

been succeeding in taking some influence

on the cop deliberations and I hope this

will be the case in Madrid as well this

year I’m grateful to Pascal co-founder

to giving me the opportunity here today

last week this house adopted a

resolution declaring the climate and

environment emergency I fully concur

with this assessment and on the urgency

to act the IPCC clearly indicated the

years to 2030 as our last window of

opportunity to hurt catastrophic climate

change this is also true and I mentioned

this deliberately for the protection and

biodiversity and ecosystems this will be

center stage in kunming yunnan in

october 2020 so next year so we better

prepare for that and have just as

ambitious objectives as we have for the

climate summit I believe we can address

the climate crisis head-on but we must

act rapidly and work together and since

the meeting we had in the plenary a few

weeks ago development has taken place in

the bank that has surprised everybody

including us in the leadership of

because we knew it will be a difficult

way in view of the fact that 28 member

states do not necessarily always have

congruent ideas it’s certainly not an a

difficult issue like this one but at the

end of the day we succeeded to get a

enormous majority that both of the

presented capital and the votes and then

we’re grateful for that this has been

accomplished by our services but in

particular by three vice presidents of

the bank Arabic dual is sitting here it

has been the one who has been working

endlessly on the new energy lending

policy of the bank which included of

course to move out of fossil fuels and I

wouldn’t want to imagine what kind of

resistance he has been meeting there

Amanda Varro the vice president has is

the one responsible for climate so she

normally should be here with us and she

will be with you at your disposal

whenever you want to talk climate with

her but she is as in Madrid already

today so apologizes and always fire he

of course is the one who combines strong

ambition on sound and green finance with

climate admission and has been very much

pushing the issue in the bank so I thank

them all and if I may be so present if

there are questions which go far beyond

my remit or in understanding then I

might include two gentlemen into my

responses as last week in its resolution

for cup 25 this house welcomes the EU

banks increased ambition on Climate

Action eight environmental

sustainability and I thank you very much

for this recognition you cannot believe

how well this is registered by 4,000 of

staff in the bank it’s important very

motivating

indeed on 14th of November the Ewbank

decided to make a quantum leap in its

ambition your bank you bank will stop

financing unabated fossil fuels energy

projects and will launch the inverse

ambitious climate investment strategy of

any public financial institution

anywhere and I am convinced after the

experience

of Paris four years ago when we were the

driving force behind the multilateral

Development Bank’s

but also this time we will be in the

lead with others others will follow our

new targets are clear first we will

increase the share of climate action and

environmental sustainability financing

to 50% of our business by 2021 by the

way some people sometimes say EAB should

become the climate bank it’s not in our

name but we are the climate bank of the

European Union for decades we are by far

the strongest climate project lender in

the world by far and we intend to

further work on this we had roughly 15

percent of climate lending 10 years ago

in Paris we committed to go up to 25

percent we are now at 27 and we will go

to much more as I will say in a few

minutes because by 2020 we aim to

support no less than 1 trillion euro of

investment in these objectives globally

by 2030 I was a little bit shaky when I

announced that figure in the General

Assembly of the United Nations because

that was before we met and that was

before I got the approval of the organs

of the bank so it was a little bit on

shaky ground but at the end of the day

we did third we will align our financing

activities with the principles and goals

of the Paris agreement by the end of

2020 this is an important part of the

program because if we commit to do 50%

climate lending then you must not be

allowed to destroy with the rest of you

50% lending of the objectives you have

reached with your climate lending so

doing 50% with the good conscience and

50% with the bad conscience is not the

solution this also implies the urgent

need to have clarity on the funding side

green bonds is an issue frequently

raised we invented green bonds

five years ago at Green yeah B we were

considered lunatics at that time not me

I was not there yet but our princesses

they were very courageous at that time

and we had outstanding partner in the

stock exchange of Luxembourg one of the

most dynamic places for these activities

but what became very clear very soon is

that you need clear rules for what is a

green bond you cannot simply take a

piece of paper paint it green and say

this is a green bond now no the

investors you need to bring it on board

they need to know what you are doing

with the money they entrust you and

therefore there must be transparency

accountability and sustainability and

this must be checked and there must be

international criteria what is green

there is the working group on green

principles which is a large large extent

it’s influenced by our experts this Beck

have come very far but I agree with the

European Commission that is necessary to

arrive at a solid framework for this in

form of a taxonomy which makes sure that

green cheating stops green washing is a

risk for our credibility not only

visibly the citizens it’s of course the

case because then they might not believe

in climate policies anymore it’s huge

credibility risk visibility investors

and they act quickly if they don’t trust

us anymore what we do with their money

we have a problem

so these decisions send an important

signal to the world they prove our

determination as Europeans to send a

strong message in Madrid that EU is the

global leader in the fight against

climate change this committed to

continue to be sober stepping up its

action and that also means ladies and

gentlemen that by quickly developing the

necessary technologies also by

technology leaps we will be the

front-runner in the development of the

necessary technologies for the entire

world at a time when Europe blue

loses competitiveness each and every day

we because we don’t do enough on

innovation we finance 15% 1.5 percent of

our GDP less in innovation activities

over 15 years now compared with our

Asian and North American competitors so

we must move forward on this as well so

track climate policies that’s not

charity that’s a good opportunity to

develop markets as well and we should

grab this opportunity in this context

the bank is looking forward to working

with you and the European Commission and

of course the Council to implement the

ambitious vision of the European Green

Deal I believe the new bank is central

to realizing the EU climate neutrality

ambition investment will be crucial to

achieve the desired objectives but

public resources are scarce the EU bank

for its ability to mobilize private

investment in its capacity to provide

advisory services to make products

bankable is ready to play a key role in

the future sustainable Europe investment

fund we are also ready and look forward

to bring our advisory services in

financing power to support the European

Commission just transition mechanism the

you bank is well aware of the fact that

the transformation required to meet the

Paris agreement goals will affect some

areas communities and sectors more than

others we commit to increase our support

for just transition in the most

vulnerable groups and regions ensuring

that no one is left behind a new energy

lending policy already proposes some

measures in this regard such as the

development of an energy transition

package which includes the possibility

to exceptionally finance up to 75%

instead of normally 55 50 percent of the

eligible project cost for new energy

investment in countries hit hardest by

the in transition however the issue of

addressed transition is much broader

than the energy policy it is not only

about renewables not only about energy

efficiency it’s also about the provision

of new economic perspectives growth and

jobs because definitely the fossil fuel

industry for instance jobs will get lost

and these people need new jobs and you

don’t convert somebody who has been

working in a coal mine for twenty years

into the head of a digital startup in

two years so it takes the real effort to

get there and we are ready to contribute

to that as well let me explain to you in

more practical terms how we plan to

deliver on our new ambition the EAB

group that is the bank and the fund our

subsidiary is currently working on a

roadmap the climate bank road by 2025 to

deliver on the EAB group ambition over

the period of 21 to 25 we’re happy to

present this in due course to this house

the you climate Bank Road mint roadmap

2025 bills upon and with forces the

abbeys existing climate strategy which

is currently also undergoing a review

since being approved in 2015

significant progress has been made of

the EAB climate strategy implementation

and on delivery of our commitments made

in Paris four years ago we need to work

extremely closely with the EU

institutions in Brussels in sauce pool

because it is quite obvious that the

activities of this Bank always consists

of work in the triangle between lending

which is normal for a bank lending

that’s the grip on EU resources which we

need to have and advising lending

blending and advising belong to together

under one roof and this is why we need

the close cooperation with you and the

European Commission and of course with

the support of the Member States when it

comes to the future of the EU budget and

there we must know what is in the Green

Deal and the just transition package so

far it’s a programmatic name but we need

to find out in the next weeks in our

very close cooperation and particularly

till months

this team but also did talk with Brazil

for the line last night we must get our

forces together in order to achieve that

because you know when we all talked

about this vision some people get

nervous because they think you might

need it psychiatrists if you have a

vision but what we need here is to bring

flesh to the bone and that’s the work

for the next week to make it a little

bit more tangible what is meant by the

Green Deal and a just transition fund

and I can assure you that we are very

very close exchange with the European

Commission on this thank you very much

for your attention and later on we’ll

write together to take all your

questions you might have and if we are

not able in the limited time we have

today to answer and it responds in the

video to each and every question we

assure you that you’ll get the responses

afterwards our colleagues from the

Brussels and the lots of work offices

are here thank you thank you let’s check

it works seems to be working so

seems to be working okay so we start

with the the coordinators or the

representative so start with the EPP

Patel is a young care thank you very

much chairman Thank You president Hoya

you mentioned the sentence at the end

that a former Social Democrat German

Chancellor said if you have a vision you

should go to the go to a psychiatrist I

think we need visions however and I

think it’s good that all Sola Fund a

lion has a strong vision of a climate

neutral Europe and that do you support

that I think your remark meant that we

shouldn’t remain with the vision we

should actually help people that the

topic of just translation is very

important for the EPP and we actually we

do indeed have to put more flesh on the

bones for people who have lived from

coal hitherto I have two specific

questions last week we adopted we

supported the transformation of the eb

ib into a climate bank with by a large

majority you said rightly that the eb

won’t support unabated fossil fuels any

more if I understand that correctly a

means that we see a possibility for CCS

carbon capture and storage that this

technology will be supported second

question there was some clarity as to

gas as a transition technology in

combination with renewables I think in

certain countries that will be necessary

that that isn’t the goal for 2050 but

looking at the current situation in

Poland going from a lot of coal to very

little gas within renewables is a very

good investment and I hope that you will

continue to support that thank you

so for snd you – good no Mohammed Shane

thank you dr. Ella of Doctor Who you

thank you for your introduction we as a

cently welcome of course to transition

from the aiibi into partly at least a

climate bank we were a bit considered

what you mean with low emission gases

but that’s something that pitiless also

asked and also what you said about that

investments in Ana

so the investments and fossil fuels are

acceptable if there’s a if there’s if

they are unabated so there’s a

discussion currently in Parliament about

the green taxonomy and as you said that

50% of the investments of the EIB will

be put into green investments and 50%

will be left for other investments but

there you will really check whether

those investments go against the Paris

agreements or not so my question is

would you approve or would you promote

having besides a green taxonomy

discussion also a clear definition of

brown taxonomy and would that be helpful

for the investments of the IB of course

for in earnest overs Thank You Pascal

and excuse me for having a voice which

is more like an old Raven

and a human being but that’s life on the

slope down to co2 neutrality we have

different technology technological

material scientific organization

intellectual state dependent bottlenecks

they look different for transport and

for buildings and for different fields

of Industry how that and they have it

usually also different investment cycles

and you have in the background and you

have different conditions of

biodiversity

and the bank should be able to in some

way to accommodate all these different

aspects it’s like a kaleidoscope which

is turned by by by time and all when

time turns that kaleidoscope the picture

becomes very much different and my

question is therefore very simple how do

you cope with all these very very severe

and sometimes contradicting the effects

thank you thank you for the greens the

Paris now will change go ahead Thank You

chair thank you mister hiya am and

indeed we also be greens we believe that

this is a big step in the in the right

direction but we have some questions on

the exact implementation of of what you

are doing and so the first thing you

already touched upon is you spoke about

this roadmap and maybe you can explain a

little bit more what you what do you

mean how do you what are the next

concrete steps to implement em your goal

of reaching 50 percent and and what are

the timelines for the revisions of other

sectoral lending policies for instance

in transport and then it would be

interesting to understand what do you

exactly mean with aligning with the

Paris agreement objectives there is the

do no harm principle how will you apply

this do no harm principle and when it

comes to lending for gas and there is

the for specie Eilis that is still being

funded the funding will continue until

2024 I understand you will continue

funding and the transition to gas

heating systems so my question to you is

don’t you think that you are adding a

risk of stranded investments in the

portfolio of the

be and how do you assess this and how do

you define low carbon gases and there’s

not yet a clear definition of what it

actually means and will this like low

carbon gas definition will it actually

lead to continue financing fossil gas

and and then you are you spoke about the

climate strategy and that you are also

revising the climate strategy of the EIB

maybe you can explain a bit more what

other concrete steps and goals and

objectives of revising the yabby climate

strategy thank you very much thank you

for easy yep thank you chairman Thank

You mr. president

I would have a specific question but can

also serve as a general one I try to

raise this at a plenary a couple of

weeks ago when your collaborators but

well we’re here but I did not get any

kind of a response

I’m from Prague Czech Republic so it’s a

traditional crossroad you know heavy

traffic connecting Berlin with Vienna

Frankfurt this with war so we did not

have finished a highway ring around so

it means that truck is totally jammed by

the trucks from everywhere by other cars

and we do have a municipality which is

led by in fact the Pirates who are part

of the Green Party here and they

promised the EIB financing for

completing the rink around prague and

here is my question because if this ring

is finished they do dramatically improve

the quality of would reduce the air

pollution in the capital of my country

at the same time it would not contribute

to the paris goals by anything so the

cars would go just around so improving

the local air quality but not

contributing to the global

in the new transformed a I be can we

have a landing of of the money or not

and in the general sense you know any

type of this kind of investment but it

would be eligible for Eid financing

thank you thank you for ID and sorry for

the switching but we didn’t have to on

the list

see yes I’ve done no problem

Thank You chairman mister hiya mister hi

I rent that you were intending to invest

a trillion euro up to 2030 that was the

figure that the EIB has planned to spend

in the light of this climate hysteria

that seems so taken over the European

Parliament now the only real tool to

stop all these people dying around the

world apparently here’s my question if

as greater toon berg says there’s this

emergency in this risk of mass

extinction how is it possible to take

public investment I’m out of the picture

of this emergency let me explain what I

mean if you’re saying we’re all going to

die

this is a real priority how do you

manage at the same time to you know

ensure that the budget is respected not

all the Member States of course there

there are good and bad pupils there but

but just dealing with the climate crisis

what’s your creating the new climate

fund is just that the latest of many

bubbles in the financial sector you seem

to be pursuing the interest of major

investors and banks

rather than protecting citizens real

needs in Europe so can you explain to me

how you reconcile this will to tackle

the possibility of us all dying because

of the climates getting worse every day

while at the same time you’re wrapping

the various member states on the

knuckles for every tiny cent they might

spend to do something about it

Kiedis Thank You chairman Thank You mr.

Hoyer for your introduction in the big

picture it’s a very good thing that

you’ve made this decision about

supporting fossil-free investments so we

have one source of financing working

against the climate targets the

timetable is very tight we have public

procurement and public investments in

the member states that ago against the

climate targets so that’s wasted money I

have two questions one on gas which a

colleague raised on the second is on

energy efficiency you talked about the

targets for 2050 which is the overall

target we think the 2030 target is the

most important one we should show a road

mate how we going to get there otherwise

it will run away from us we talk about

the Union being a pioneer but but the

targets are not yet based on science and

we’re not at the right level yet

what

what we’ve heard about the Green Deal

and the green economy package it still

doesn’t offer targets at our ambition

officious enough and and that’s being

the case we can’t call ourselves leaders

the most so I wanted to ask about

getting guesses what are a low emission

gases do you think really that CCS is

the solution I think I don’t think the

large-scale solutions are yet available

so what are low emission gases wouldn’t

it be more sensible to switch there’s

straight to clean truly renewable energy

sources natural gas might be a

transitional assertion my second

question is on energy efficiency that

should be supported but what are the

criteria to make sure that investment on

energy energy efficiency take into

account Lee in entire Jo entire

lifecycle in terms of the life of

buildings and the life cycle of

materials so if you know me we will go

directly to the other questions

otherwise okay so I close the list here

I have around nine additional speakers

so please stick to one minute for your

questions otherwise you won’t get the

answers okay I’m sorry about that it’s

your success but then we have a voting

session and we have to be on time so

let’s start with the EPP again and madam

Maya sake

thank you Jeff for giving me the floor

thank you mister however having you here

in this very interesting debate I would

like to ask you very briefly two

questions first in my home country

Greece we have two regions in transition

the one is the region of western

Macedonia and the second is the city of

megalopolis I would like to ask you

kindly and frankly if you have any kind

of suggestions to the local authorities

in order to start providing a new

eligible project for the EAB and second

it is the question concerning the use of

gas as a transition as a transition firm

I would like to ask you at the same the

same framework if these regions in

transition could use gas or could use

gas with the facilitation of vab in

order to facilitate the transition thank

you very much for deviatoric Thank You

mr. chair together was approval of the

new AIB energy policy on November 14th

the EIB Board of Directors approved a

new strategy that includes the gradual

increase of the share of its financing

dedicated to climate action and

environmental sustainability to reach

50% of its operations in 2025 and from

then on so far a ad has had a target of

25% dedicated to the climate action

projects only

and this last increase up to 50% is not

only in percentage but also in the scope

as it includes not only climate action

dimension of projects all horizontal

perspective but also environmental

sustainability which is a separate

sector of projects with vertical within

existing methodology of the bank it is

not possible today to count how the

start that is rich so my question is

what is the new precise target for the

climate action and what will be the

emotive methodology to count it thank

you very much thank you

for Renu yen with Emma it’s not here so

multi no six thank you very much I’m an

AH and thank you for the presentation

very interesting I would like to ask how

this lending policy which i think is

really great step forward could

contribute to what I would call the leap

frogging in the Central and Eastern

Europe I come from the region and it’s

often very dependent not only justly the

Forsyth was especially cold but it’s

also very heavy on industries and energy

intensive industries and I wonder if

this energy of ending policy could help

to kind of overcome the technological

gap and kind of move it into what I call

the renewable age thank you for the

greens Thank You chair Thank You mr.

Hoya for being here and I would like to

folk here I’m actually I would like I’m

thanking you explicitly for mentioning

kun Ming because I think that

biodiversity crisis is compared to the

climate crisis it’s somewhat overlooked

and I would be very interested in what

kind of projects would the e I be like

to finance in that in that policy area

or do you think of financing

conservation projects or agricultural

projects which are are enhancing

biodiversity or are you think of

projects like greener cities with

biodiversity spots in the city I would

love if you could enlighten me a bit on

this thank you thank you for easier and

as a used car

procession Bank o son of Levi Strauss

jinkies a tough spot Kanye says kill

Capitan rose means rob a ski banker

invested saying there and I have a few

questions the bank that you direct is an

independent body which has a legal

personality which manages public and

private money my first question is as

follows

cooperation with the Commission which we

hope to see present directives soon

apparently there is a an interpretation

problem and the table appears I appeared

shut it down yeah yeah so now on to my

first question how will cooperation with

the Commission work how do you imagine

this you are managing colossal amounts

and so I would expect to hear more

tangible and precise information from

you I would like some more concrete

elements from you and my second question

regards gas we are worried indeed by

rumors that the bank is preparing to

refuse funding of projects linked to gas

this particularly worries me because

Poland has invested a lot in projects

leap – gasps thank you well agree Mike

Wallace nice chair

and the higher your your final policy

retains the revised provision which was

not in the original draft which would

allow you to pop money into liquid

natural gas projects like the one the

Shannon s tree in Ireland which will see

us import fright gas from America and

lock us in to this for decades to come

your vice president sitting on your left

there Andrew said recently in an

interview that AIB will continue to lend

to faster gas projects after 2091

as long as they meet strict emission

standards can you elaborate on this pine

please your policy also says in general

the bank will only support power

generation projects which emit less than

250 grams of co2 per kilowatt hour but

the Commission is working on a draft

sustainable finance taxonomy as part of

this process it sought input from a

technical expert group according to the

experts gas-fired plants would not

qualify as

the activity because they emit more than

100 grams of co2 per kilowatt hour of

electricity produced a hundred grams is

the treasure all defined by the export

groups to qualify as making a

substantial contribution to climate

change mitigation so you’re 250 figure

is over is two and a half times what

what they’re allowing can you please

explain this please thank you for the

last three speakers from EPP man and Ben

Taylor yes Linda kohai of Iran Thank You

mr. Hoyer for your introduction to what

extent is the ib e ib giving loans for

climate projects outside the EU and what

extent do you see an increase in these

measures against the background of the

fact that in the european parliament

we’ve decided that we measures for

development aid for climate and

environmental protection measures should

be doubled in the next parliament and of

course because it makes sensible to make

environmental protection international

and perhaps we can make a greater

contribution in that way thank you for

SMGs is our way now reckon you’ll

proceed definitely a senior you know

lead on good mornings to hire I haven’t

heard you saying that biodiversity you

planning to invest in natural solutions

to tackle climate change now you in your

CV you’ve made safe investments to make

sure you can keep the the Triple A

rating that’s what private banks do I’m

rather surprised by that attitude on

what’s supposed to be a Development Bank

and so how do you envisage reconciling

this obsession with maintaining a

triple-a rating while also making green

investments which we so sorely need if

we’re to provide some impetus for a new

economic model even if some of those

investments may theoretically be less

financially secure than traditional

investments yes thank you very much

and Thank You mr. Hoyer for being here I

just have a very short question is how

about let me start over the small and

medium enterprises I think are the

driver for innovations and can be a very

valuable solution also for Clemson how

can we make sure that also money spent

from the European Investment Bank goes

to the right people and also goes to for

example small and medium-sized

enterprises thank you very much thank

you so if I can ask you to answer all

these questions precisely in a maximum

of 15 minutes really great yeah minimum

of 10 maximum of 50 okay and then we

close thank you very much chairman this

is a generous offer I know how precise

the European Parliament is on time

limitations this is quite a bouquet of

questions and I want to be able to

answer all of them so be sure and remind

us if we don’t do it that you get the

response individually from from our

Brussels office here but in general the

the scope of the questions including the

last one we just heard on SME for

instance shows the spectrum of

activities which are expected from the

bank so we are a climate bank we’ve said

and we will be even more one we are the

climate bank for a long time and climate

will get more and more center stage but

at the same time we expected to produce

jobs for SMEs at the same time we are

expected to fight against the loss of

productivity and competitiveness visa we

are trading partners by investing much

much more into innovation of biggest

weakness and at the same time we are

expected to contribute to the vision and

ambition to bleak be a global player and

have in that context a strategic

autonomy for me one of the most

important ambitions raised in the recent

months and years so we need to

contribute to that so that means we have

different sets of objectives climate

innovation growth and employment

and a few others and you must make sure

or it not to drown in this set of

ambitions and objectives that you

reconcile objectives which might seem to

be contradictory take an interesting

example in our neighborhood Western

Balkans area which we should give much

more attention to the Western Balkans

you can see those countries with which

we cooperate which do combine the move

towards the European Union which is a

special way of of cohesion policy with

innovation those regions and the Western

Balkans who are particularly ambitious

on innovation are the most successful in

moving towards the European Union at

least economically so this shows we must

reconcile our emissions and therefore we

say oh as we said in the United Nations

General Assembly adjustable as in in

Paris recently and we will do again next

week

in Madrid there must be climate in

everything we do and that means we are

to make sure that we do not undermine

our climate successes with the other

part of our business that is difficult

because sometimes that leads to wrong

conclusions I believe that in a world

where we want to be a economic power and

technological leader we will you might

imagine what a bad word

we need roads we need rail we need air

we need ports this will be remain the

case but it must be done on a

sustainable scape and why so this is why

we we are not dreamers we believe that

these successes in climate and natural

preservation nature preservation

activities must be done with the highest

ambition of of technology and innovation

and therefore the question concerning

our business outside the European Union

was particularly interesting for me

because there you can really nisi what

quantum leap or Frog leap development

means and sometimes as was said I think

we’ve called

from Poland that is true for the intra

EU situation as well we have areas where

we need frog bleep development in Africa

it’s evident it’s so highly motivating

if you go that’s a to to come a rune or

to Ethiopia where you see that the

arrival of of the cellphone has

revolutionized societies by bringing

access to information to health

information to into insurance to banking

activities to regions where the X is to

a bank outlet is it possible and this

has triggered an enormous increase of

activity economic activity of SMEs very

small businesses micro business in

particular with women who so far did not

have access to markets at all so these

are developments who make a huge

difference and what the Blessed Africa

is nowadays that after having been

neglected for so long time nowadays they

do not think to invest into a copper

cable based telephone system they move

directly to mobile communications that’s

happening it’s having a big scale with

our support but we can do as much as you

allow us to do you as members of the

European Parliament but also our

shareholders the member states of the

European Union and so far they had a

they hesitated to go for to more than 10

percent of our lending outside the

European Union in particular in

developing countries I believe that must

stop after the migration crisis and

unfortunately it took the migration

crisis the Europeans have woken up on

development challenges they see now what

it means in Africa when every guy grows

to four billion people by the end of the

century so it’s time to think

development not in terms of charity or

donor think the recipient thinking but

in terms of strategy and that requires

we must think development big so

development is another area where we

must make sure that our objectives fit

together and it goes without saying that

any development project we support in

Africa or Latin America or the eastern

neighborhood all important need to meet

the standards which we apply to

environmental acceptability within the

European Union

as well so of course it guides us in our

activities outside the European Union

second but I would like to refer to is

the issue of stranded assets that has

been mentioned this is key I mean some

people also in our community here have

very much goodwill and sometimes even if

your ideological approach or climate

policy I don’t have that at all I want

to clean environment and I want the

nature to survive but I want to do it

with with high-tech and therefore I want

to invest into assets which I do not

need to write off too soon from a bank

that’s a purely professional view if you

see you go into an investment that has a

lifespan of 40 years and you know in 15

years that’s over then it’s pretty

irresponsible banking and you can’t

imagine I discussed that thing with the

heads of the biggest commercial banks in

Europe and insurance companies who we

need a food co-financing and they say

the same thing are you crazy to go into

this kind of assets if you know you have

to write it off so so from that point of

view the issue of stranded esses forces

us to be more cautious because otherwise

the the need for writing off that is

making losses for the bank lends with

the taxpayer of the member states of the

European Union that is not the choice

third issue I want to address a visibly

life cycle thinking indeed we have a gap

here but this is cost in general we in

Europe do not invest enough from the

beginning when we go into an

infrastructure project for the

foreseeable maintenance and

rehabilitation of that projects

necessary in order to reach the end of

the lifespan of this project so that

leads to a built-in deterioration of the

quality of the infrastructure asset and

then Ken’s come to certain disaster and

the bridge that collapsed in Italy could

have collapse in any other part of

Europe as well so deaths don’t get

things wrong this is really important to

think long term and also in terms of

maintenance and rehabilitation and by

the way in some parts of energy also

about

removing certain assets one day which

will be extremely costly then my last

comment and then I’ll leave it to my

colleagues on voice for a transport and

in particular the energy questions to

mr. McDowall I would like to say one

thing on good mine we are very ambitious

there and we had a very good prepper

Eric conference for for Chile or now for

Madrid with the coalition of Finance

Minister for climate in the Vatican this

year with the Pope

extremely ambitious and encouraging

event and there became clear how

important for all of us could mean will

be and that means for us that we

concentrate even more on what we are

already doing in countries outside the

Europe but the reforestation agriculture

is more and more important

our ambition on oceans was expressed by

the initiative on clean oceans which we

undertook two years ago together with FD

from France in kfw in Germany

so these and eco is now on board as well

as BGK so we going to develop these

things further and we go to the kunming

with an ambitious agenda and I’m anytime

ready to report to the European

Parliament before we go there and if I

may and rubadoux maybe theirs are the

most compelling questions okay starting

with energy thank you quite a number of

questions on the role of gas in our in

our new energy landing policy and one

question on energy efficiency just on

the role of gas I mean we should be

clear that the Enderle energy landing

policy does not completely reject the

role of gas in the energy transition

what it argues is that in line with EU

climate and energy targets the gas

sector itself needs to be decarbonized

needs to be a basement particularly for

a bank you for to finance assets that

risk being overtaken by new technologies

and becoming stranded assets we want to

make sure those those projects use the

best available technologies to

decarbonize themselves so we do

recognize the role that that low carbon

gases can play particularly as a backup

to renewable energy

and the deployment of intermittent solar

and wind power in the energy transition

I suppose that brings us to the question

of what is the definition of low carbon

gases what we propose in the document is

that for power generation that new power

generation using all available

technologies but including gas must meet

a new emissions performance standard of

250 grams of co2 per kilowatt hour that

compares to our current standard a 550

grams of co2 per kilowatt hour now to

our knowledge the only way gas fire

generation projects can meet that

standard is in one of three ways using

current available technologies one is

combined heat and power where the

surplus heat from power generation is

used to heat water mainly for district

heating systems that’s an extremely

efficient technology and reduces the

emissions associated obviously with

energy production the second way of

doing it is through the blending of

renewable gases biogas synthetic gases

and ultimately in the future hyde green

hydrogen into the mix used for a

gas-fired power generation and that

again is a way to bring the emissions

performance down below the 250 standard

and the third way as has been suggested

is through the combination of carbon

capture and storage wood gasifier

generation now we recognize these

technologies are expensive currently

they’re quite immature most of them and

that’s why we have signaled that we we

we are in a position to blend low-cost

EIB death would grant aid under the

modernization fund the Innovation Fund

and indeed from national resources to

bring these technologies to make it much

more commercially interesting for the

promoters we were also asked the

question what why the 250 standard as

opposed to the 100 standard under the

sustainable finance taxonomy now let’s

recall the sustainable finance taxonomy

is about the definition of green finance

it is a bad projects that make an

extremely positive contribution to

climate action and the other environment

and therefore environmental objectives

the 250 standard is about Paris

alignment and don’t forget Paris

alignment is a slightly lower standard

of do no harm it’s not saying you’re

making an extremely positive

contribution which is which is what’s

required for the label of green finance

it’s just saying you are doing no harm

with the 250 standard and that’s why

there’s a difference between the 250 so

if we finance power generation

renewables mainly that meets the 100

gram standard we can finance that with

our green bond issuances on the other

hand if we fire if we finance a combined

heat and power plant that only meets the

250 standard it still Paris aligned but

we can’t label it as green finance and

just finally on the energy efficiency

question I think this is an extremely

interesting area I think this is the

area perhaps that’s been most overlooked

in the energy lending policy because

this is the area I think that offers the

greatest potential for for much higher

levels of VIP financing in line with the

the climate in energy targets of the

European Union and we all know the

numbers of a requirement of about 200

billion investment a year in the

building stock in order to meet those

targets our requirement is that up until

the end of 2020 any any building new

building we financed obviously must meet

the near zero energy requirement past

2020 when that requirement becomes

obligatory we need to set a new standard

and I think there’s going to be this is

a work in progress for the bank together

with the European Commission and that

new standard I suspect is not just going

to focus on the operating efficiency of

the building it’s going to have to focus

indeed as the question are asked on the

lifecycle efficiency on the embedded

carbon performance of the building as

well as other criteria over the lifetime

of the answer thank you very much thank

you so we are close to 15 minutes and we

are running late now so thank you thank

you very much for coming before the

Parliament and before the enve committee

we got your point about coming ok so it

means that we might receive you might

receive an invitation before coming so

that you can explain to this house and

to this committee what would be used by

diversity strategy before coming

so and we are going to vote of precisely

on this topic in a couple of minutes

so thank you again to you mr. president

and to you team and see you soon

[Applause]

thank you very much the Chairman always

had the idea of being an MEP one day and

even sharing the committee so I never

succeeded so it’s great to be back and

we met recently cleaner e on the

greening the EMB issue that was a few

days before we took the crucial

decisions at ARB and then we met with

this committee indeed immediately before

Paris cop21 stretch in between but it

looks like always we have afterwards

been succeeding in taking some influence

on the cop deliberations and I hope this

will be the case in Madrid as well this

year I’m grateful to Pascal co-founder

to giving me the opportunity here today

last week this house adopted a

resolution declaring the climate and

environment emergency I fully concur

with this assessment and on the urgency

to act the IPCC clearly indicated the

years to 2030 as our last window of

opportunity to hurt catastrophic climate

change this is also true and I mentioned

this deliberately for the protection and

biodiversity and ecosystems this will be

center stage in kunming yunnan in

october 2020 so next year so we better

prepare for that and have just as

ambitious objectives as we have for the

climate summit I believe we can address

the climate crisis head-on but we must

act rapidly and work together and since

the meeting we had in the plenary a few

weeks ago development has taken place in

the bank that has surprised everybody

including us in the leadership of

because we knew it will be a difficult

way in view of the fact that 28 member

states do not necessarily always have

congruent ideas it’s certainly not an a

difficult issue like this one but at the

end of the day we succeeded to get a

enormous majority that both of the

presented capital and the votes and then

we’re grateful for that this has been

accomplished by our services but in

particular by three vice presidents of

the bank Arabic dual is sitting here it

has been the one who has been working

endlessly on the new energy lending

policy of the bank which included of

course to move out of fossil fuels and I

wouldn’t want to imagine what kind of

resistance he has been meeting there

Amanda Varro the vice president has is

the one responsible for climate so she

normally should be here with us and she

will be with you at your disposal

whenever you want to talk climate with

her but she is as in Madrid already

today so apologizes and always fire he

of course is the one who combines strong

ambition on sound and green finance with

climate admission and has been very much

pushing the issue in the bank so I thank

them all and if I may be so present if

there are questions which go far beyond

my remit or in understanding then I

might include two gentlemen into my

responses as last week in its resolution

for cup 25 this house welcomes the EU

banks increased ambition on Climate

Action eight environmental

sustainability and I thank you very much

for this recognition you cannot believe

how well this is registered by 4,000 of

staff in the bank it’s important very

motivating

indeed on 14th of November the Ewbank

decided to make a quantum leap in its

ambition your bank you bank will stop

financing unabated fossil fuels energy

projects and will launch the inverse

ambitious climate investment strategy of

any public financial institution

anywhere and I am convinced after the

experience

of Paris four years ago when we were the

driving force behind the multilateral

Development Bank’s

but also this time we will be in the

lead with others others will follow our

new targets are clear first we will

increase the share of climate action and

environmental sustainability financing

to 50% of our business by 2021 by the

way some people sometimes say EAB should

become the climate bank it’s not in our

name but we are the climate bank of the

European Union for decades we are by far

the strongest climate project lender in

the world by far and we intend to

further work on this we had roughly 15

percent of climate lending 10 years ago

in Paris we committed to go up to 25

percent we are now at 27 and we will go

to much more as I will say in a few

minutes because by 2020 we aim to

support no less than 1 trillion euro of

investment in these objectives globally

by 2030 I was a little bit shaky when I

announced that figure in the General

Assembly of the United Nations because

that was before we met and that was

before I got the approval of the organs

of the bank so it was a little bit on

shaky ground but at the end of the day

we did third we will align our financing

activities with the principles and goals

of the Paris agreement by the end of

2020 this is an important part of the

program because if we commit to do 50%

climate lending then you must not be

allowed to destroy with the rest of you

50% lending of the objectives you have

reached with your climate lending so

doing 50% with the good conscience and

50% with the bad conscience is not the

solution this also implies the urgent

need to have clarity on the funding side

green bonds is an issue frequently

raised we invented green bonds

five years ago at Green yeah B we were

considered lunatics at that time not me

I was not there yet but our princesses

they were very courageous at that time

and we had outstanding partner in the

stock exchange of Luxembourg one of the

most dynamic places for these activities

but what became very clear very soon is

that you need clear rules for what is a

green bond you cannot simply take a

piece of paper paint it green and say

this is a green bond now no the

investors you need to bring it on board

they need to know what you are doing

with the money they entrust you and

therefore there must be transparency

accountability and sustainability and

this must be checked and there must be

international criteria what is green

there is the working group on green

principles which is a large large extent

it’s influenced by our experts this Beck

have come very far but I agree with the

European Commission that is necessary to

arrive at a solid framework for this in

form of a taxonomy which makes sure that

green cheating stops green washing is a

risk for our credibility not only

visibly the citizens it’s of course the

case because then they might not believe

in climate policies anymore it’s huge

credibility risk visibility investors

and they act quickly if they don’t trust

us anymore what we do with their money

we have a problem

so these decisions send an important

signal to the world they prove our

determination as Europeans to send a

strong message in Madrid that EU is the

global leader in the fight against

climate change this committed to

continue to be sober stepping up its

action and that also means ladies and

gentlemen that by quickly developing the

necessary technologies also by

technology leaps we will be the

front-runner in the development of the

necessary technologies for the entire

world at a time when Europe blue

loses competitiveness each and every day

we because we don’t do enough on

innovation we finance 15% 1.5 percent of

our GDP less in innovation activities

over 15 years now compared with our

Asian and North American competitors so

we must move forward on this as well so

track climate policies that’s not

charity that’s a good opportunity to

develop markets as well and we should

grab this opportunity in this context

the bank is looking forward to working

with you and the European Commission and

of course the Council to implement the

ambitious vision of the European Green

Deal I believe the new bank is central

to realizing the EU climate neutrality

ambition investment will be crucial to

achieve the desired objectives but

public resources are scarce the EU bank

for its ability to mobilize private

investment in its capacity to provide

advisory services to make products

bankable is ready to play a key role in

the future sustainable Europe investment

fund we are also ready and look forward

to bring our advisory services in

financing power to support the European

Commission just transition mechanism the

you bank is well aware of the fact that

the transformation required to meet the

Paris agreement goals will affect some

areas communities and sectors more than

others we commit to increase our support

for just transition in the most

vulnerable groups and regions ensuring

that no one is left behind a new energy

lending policy already proposes some

measures in this regard such as the

development of an energy transition

package which includes the possibility

to exceptionally finance up to 75%

instead of normally 55 50 percent of the

eligible project cost for new energy

investment in countries hit hardest by

the in transition however the issue of

addressed transition is much broader

than the energy policy it is not only

about renewables not only about energy

efficiency it’s also about the provision

of new economic perspectives growth and

jobs because definitely the fossil fuel

industry for instance jobs will get lost

and these people need new jobs and you

don’t convert somebody who has been

working in a coal mine for twenty years

into the head of a digital startup in

two years so it takes the real effort to

get there and we are ready to contribute

to that as well let me explain to you in

more practical terms how we plan to

deliver on our new ambition the EAB

group that is the bank and the fund our

subsidiary is currently working on a

roadmap the climate bank road by 2025 to

deliver on the EAB group ambition over

the period of 21 to 25 we’re happy to

present this in due course to this house

the you climate Bank Road mint roadmap

2025 bills upon and with forces the

abbeys existing climate strategy which

is currently also undergoing a review

since being approved in 2015

significant progress has been made of

the EAB climate strategy implementation

and on delivery of our commitments made

in Paris four years ago we need to work

extremely closely with the EU

institutions in Brussels in sauce pool

because it is quite obvious that the

activities of this Bank always consists

of work in the triangle between lending

which is normal for a bank lending

that’s the grip on EU resources which we

need to have and advising lending

blending and advising belong to together

under one roof and this is why we need

the close cooperation with you and the

European Commission and of course with

the support of the Member States when it

comes to the future of the EU budget and

there we must know what is in the Green

Deal and the just transition package so

far it’s a programmatic name but we need

to find out in the next weeks in our

very close cooperation and particularly

till months

this team but also did talk with Brazil

for the line last night we must get our

forces together in order to achieve that

because you know when we all talked

about this vision some people get

nervous because they think you might

need it psychiatrists if you have a

vision but what we need here is to bring

flesh to the bone and that’s the work

for the next week to make it a little

bit more tangible what is meant by the

Green Deal and a just transition fund

and I can assure you that we are very

very close exchange with the European

Commission on this thank you very much

for your attention and later on we’ll

write together to take all your

questions you might have and if we are

not able in the limited time we have

today to answer and it responds in the

video to each and every question we

assure you that you’ll get the responses

afterwards our colleagues from the

Brussels and the lots of work offices

are here thank you thank you let’s check

it works seems to be working so

seems to be working okay so we start

with the the coordinators or the

representative so start with the EPP

Patel is a young care thank you very

much chairman Thank You president Hoya

you mentioned the sentence at the end

that a former Social Democrat German

Chancellor said if you have a vision you

should go to the go to a psychiatrist I

think we need visions however and I

think it’s good that all Sola Fund a

lion has a strong vision of a climate

neutral Europe and that do you support

that I think your remark meant that we

shouldn’t remain with the vision we

should actually help people that the

topic of just translation is very

important for the EPP and we actually we

do indeed have to put more flesh on the

bones for people who have lived from

coal hitherto I have two specific

questions last week we adopted we

supported the transformation of the eb

ib into a climate bank with by a large

majority you said rightly that the eb

won’t support unabated fossil fuels any

more if I understand that correctly a

means that we see a possibility for CCS

carbon capture and storage that this

technology will be supported second

question there was some clarity as to

gas as a transition technology in

combination with renewables I think in

certain countries that will be necessary

that that isn’t the goal for 2050 but

looking at the current situation in

Poland going from a lot of coal to very

little gas within renewables is a very

good investment and I hope that you will

continue to support that thank you

so for snd you – good no Mohammed Shane

thank you dr. Ella of Doctor Who you

thank you for your introduction we as a

cently welcome of course to transition

from the aiibi into partly at least a

climate bank we were a bit considered

what you mean with low emission gases

but that’s something that pitiless also

asked and also what you said about that

investments in Ana

so the investments and fossil fuels are

acceptable if there’s a if there’s if

they are unabated so there’s a

discussion currently in Parliament about

the green taxonomy and as you said that

50% of the investments of the EIB will

be put into green investments and 50%

will be left for other investments but

there you will really check whether

those investments go against the Paris

agreements or not so my question is

would you approve or would you promote

having besides a green taxonomy

discussion also a clear definition of

brown taxonomy and would that be helpful

for the investments of the IB of course

for in earnest overs Thank You Pascal

and excuse me for having a voice which

is more like an old Raven

and a human being but that’s life on the

slope down to co2 neutrality we have

different technology technological

material scientific organization

intellectual state dependent bottlenecks

they look different for transport and

for buildings and for different fields

of Industry how that and they have it

usually also different investment cycles

and you have in the background and you

have different conditions of

biodiversity

and the bank should be able to in some

way to accommodate all these different

aspects it’s like a kaleidoscope which

is turned by by by time and all when

time turns that kaleidoscope the picture

becomes very much different and my

question is therefore very simple how do

you cope with all these very very severe

and sometimes contradicting the effects

thank you thank you for the greens the

Paris now will change go ahead Thank You

chair thank you mister hiya am and

indeed we also be greens we believe that

this is a big step in the in the right

direction but we have some questions on

the exact implementation of of what you

are doing and so the first thing you

already touched upon is you spoke about

this roadmap and maybe you can explain a

little bit more what you what do you

mean how do you what are the next

concrete steps to implement em your goal

of reaching 50 percent and and what are

the timelines for the revisions of other

sectoral lending policies for instance

in transport and then it would be

interesting to understand what do you

exactly mean with aligning with the

Paris agreement objectives there is the

do no harm principle how will you apply

this do no harm principle and when it

comes to lending for gas and there is

the for specie Eilis that is still being

funded the funding will continue until

2024 I understand you will continue

funding and the transition to gas

heating systems so my question to you is

don’t you think that you are adding a

risk of stranded investments in the

portfolio of the

be and how do you assess this and how do

you define low carbon gases and there’s

not yet a clear definition of what it

actually means and will this like low

carbon gas definition will it actually

lead to continue financing fossil gas

and and then you are you spoke about the

climate strategy and that you are also

revising the climate strategy of the EIB

maybe you can explain a bit more what

other concrete steps and goals and

objectives of revising the yabby climate

strategy thank you very much thank you

for easy yep thank you chairman Thank

You mr. president

I would have a specific question but can

also serve as a general one I try to

raise this at a plenary a couple of

weeks ago when your collaborators but

well we’re here but I did not get any

kind of a response

I’m from Prague Czech Republic so it’s a

traditional crossroad you know heavy

traffic connecting Berlin with Vienna

Frankfurt this with war so we did not

have finished a highway ring around so

it means that truck is totally jammed by

the trucks from everywhere by other cars

and we do have a municipality which is

led by in fact the Pirates who are part

of the Green Party here and they

promised the EIB financing for

completing the rink around prague and

here is my question because if this ring

is finished they do dramatically improve

the quality of would reduce the air

pollution in the capital of my country

at the same time it would not contribute

to the paris goals by anything so the

cars would go just around so improving

the local air quality but not

contributing to the global

in the new transformed a I be can we

have a landing of of the money or not

and in the general sense you know any

type of this kind of investment but it

would be eligible for Eid financing

thank you thank you for ID and sorry for

the switching but we didn’t have to on

the list

see yes I’ve done no problem

Thank You chairman mister hiya mister hi

I rent that you were intending to invest

a trillion euro up to 2030 that was the

figure that the EIB has planned to spend

in the light of this climate hysteria

that seems so taken over the European

Parliament now the only real tool to

stop all these people dying around the

world apparently here’s my question if

as greater toon berg says there’s this

emergency in this risk of mass

extinction how is it possible to take

public investment I’m out of the picture

of this emergency let me explain what I

mean if you’re saying we’re all going to

die

this is a real priority how do you

manage at the same time to you know

ensure that the budget is respected not

all the Member States of course there

there are good and bad pupils there but

but just dealing with the climate crisis

what’s your creating the new climate

fund is just that the latest of many

bubbles in the financial sector you seem

to be pursuing the interest of major

investors and banks

rather than protecting citizens real

needs in Europe so can you explain to me

how you reconcile this will to tackle

the possibility of us all dying because

of the climates getting worse every day

while at the same time you’re wrapping

the various member states on the

knuckles for every tiny cent they might

spend to do something about it

Kiedis Thank You chairman Thank You mr.

Hoyer for your introduction in the big

picture it’s a very good thing that

you’ve made this decision about

supporting fossil-free investments so we

have one source of financing working

against the climate targets the

timetable is very tight we have public

procurement and public investments in

the member states that ago against the

climate targets so that’s wasted money I

have two questions one on gas which a

colleague raised on the second is on

energy efficiency you talked about the

targets for 2050 which is the overall

target we think the 2030 target is the

most important one we should show a road

mate how we going to get there otherwise

it will run away from us we talk about

the Union being a pioneer but but the

targets are not yet based on science and

we’re not at the right level yet

what

what we’ve heard about the Green Deal

and the green economy package it still

doesn’t offer targets at our ambition

officious enough and and that’s being

the case we can’t call ourselves leaders

the most so I wanted to ask about

getting guesses what are a low emission

gases do you think really that CCS is

the solution I think I don’t think the

large-scale solutions are yet available

so what are low emission gases wouldn’t

it be more sensible to switch there’s

straight to clean truly renewable energy

sources natural gas might be a

transitional assertion my second

question is on energy efficiency that

should be supported but what are the

criteria to make sure that investment on

energy energy efficiency take into

account Lee in entire Jo entire

lifecycle in terms of the life of

buildings and the life cycle of

materials so if you know me we will go

directly to the other questions

otherwise okay so I close the list here

I have around nine additional speakers

so please stick to one minute for your

questions otherwise you won’t get the

answers okay I’m sorry about that it’s

your success but then we have a voting

session and we have to be on time so

let’s start with the EPP again and madam

Maya sake

thank you Jeff for giving me the floor

thank you mister however having you here

in this very interesting debate I would

like to ask you very briefly two

questions first in my home country

Greece we have two regions in transition

the one is the region of western

Macedonia and the second is the city of

megalopolis I would like to ask you

kindly and frankly if you have any kind

of suggestions to the local authorities

in order to start providing a new

eligible project for the EAB and second

it is the question concerning the use of

gas as a transition as a transition firm

I would like to ask you at the same the

same framework if these regions in

transition could use gas or could use

gas with the facilitation of vab in

order to facilitate the transition thank

you very much for deviatoric Thank You

mr. chair together was approval of the

new AIB energy policy on November 14th

the EIB Board of Directors approved a

new strategy that includes the gradual

increase of the share of its financing

dedicated to climate action and

environmental sustainability to reach

50% of its operations in 2025 and from

then on so far a ad has had a target of

25% dedicated to the climate action

projects only

and this last increase up to 50% is not

only in percentage but also in the scope

as it includes not only climate action

dimension of projects all horizontal

perspective but also environmental

sustainability which is a separate

sector of projects with vertical within

existing methodology of the bank it is

not possible today to count how the

start that is rich so my question is

what is the new precise target for the

climate action and what will be the

emotive methodology to count it thank

you very much thank you

for Renu yen with Emma it’s not here so

multi no six thank you very much I’m an

AH and thank you for the presentation

very interesting I would like to ask how

this lending policy which i think is

really great step forward could

contribute to what I would call the leap

frogging in the Central and Eastern

Europe I come from the region and it’s

often very dependent not only justly the

Forsyth was especially cold but it’s

also very heavy on industries and energy

intensive industries and I wonder if

this energy of ending policy could help

to kind of overcome the technological

gap and kind of move it into what I call

the renewable age thank you for the

greens Thank You chair Thank You mr.

Hoya for being here and I would like to

folk here I’m actually I would like I’m

thanking you explicitly for mentioning

kun Ming because I think that

biodiversity crisis is compared to the

climate crisis it’s somewhat overlooked

and I would be very interested in what

kind of projects would the e I be like

to finance in that in that policy area

or do you think of financing

conservation projects or agricultural

projects which are are enhancing

biodiversity or are you think of

projects like greener cities with

biodiversity spots in the city I would

love if you could enlighten me a bit on

this thank you thank you for easier and

as a used car

procession Bank o son of Levi Strauss

jinkies a tough spot Kanye says kill

Capitan rose means rob a ski banker

invested saying there and I have a few

questions the bank that you direct is an

independent body which has a legal

personality which manages public and

private money my first question is as

follows

cooperation with the Commission which we

hope to see present directives soon

apparently there is a an interpretation

problem and the table appears I appeared

shut it down yeah yeah so now on to my

first question how will cooperation with

the Commission work how do you imagine

this you are managing colossal amounts

and so I would expect to hear more

tangible and precise information from

you I would like some more concrete

elements from you and my second question

regards gas we are worried indeed by

rumors that the bank is preparing to

refuse funding of projects linked to gas

this particularly worries me because

Poland has invested a lot in projects

leap – gasps thank you well agree Mike

Wallace nice chair

and the higher your your final policy

retains the revised provision which was

not in the original draft which would

allow you to pop money into liquid

natural gas projects like the one the

Shannon s tree in Ireland which will see

us import fright gas from America and

lock us in to this for decades to come

your vice president sitting on your left

there Andrew said recently in an

interview that AIB will continue to lend

to faster gas projects after 2091

as long as they meet strict emission

standards can you elaborate on this pine

please your policy also says in general

the bank will only support power

generation projects which emit less than

250 grams of co2 per kilowatt hour but

the Commission is working on a draft

sustainable finance taxonomy as part of

this process it sought input from a

technical expert group according to the

experts gas-fired plants would not

qualify as

the activity because they emit more than

100 grams of co2 per kilowatt hour of

electricity produced a hundred grams is

the treasure all defined by the export

groups to qualify as making a

substantial contribution to climate

change mitigation so you’re 250 figure

is over is two and a half times what

what they’re allowing can you please

explain this please thank you for the

last three speakers from EPP man and Ben

Taylor yes Linda kohai of Iran Thank You

mr. Hoyer for your introduction to what

extent is the ib e ib giving loans for

climate projects outside the EU and what

extent do you see an increase in these

measures against the background of the

fact that in the european parliament

we’ve decided that we measures for

development aid for climate and

environmental protection measures should

be doubled in the next parliament and of

course because it makes sensible to make

environmental protection international

and perhaps we can make a greater

contribution in that way thank you for

SMGs is our way now reckon you’ll

proceed definitely a senior you know

lead on good mornings to hire I haven’t

heard you saying that biodiversity you

planning to invest in natural solutions

to tackle climate change now you in your

CV you’ve made safe investments to make

sure you can keep the the Triple A

rating that’s what private banks do I’m

rather surprised by that attitude on

what’s supposed to be a Development Bank

and so how do you envisage reconciling

this obsession with maintaining a

triple-a rating while also making green

investments which we so sorely need if

we’re to provide some impetus for a new

economic model even if some of those

investments may theoretically be less

financially secure than traditional

investments yes thank you very much

and Thank You mr. Hoyer for being here I

just have a very short question is how

about let me start over the small and

medium enterprises I think are the

driver for innovations and can be a very

valuable solution also for Clemson how

can we make sure that also money spent

from the European Investment Bank goes

to the right people and also goes to for

example small and medium-sized

enterprises thank you very much thank

you so if I can ask you to answer all

these questions precisely in a maximum

of 15 minutes really great yeah minimum

of 10 maximum of 50 okay and then we

close thank you very much chairman this

is a generous offer I know how precise

the European Parliament is on time

limitations this is quite a bouquet of

questions and I want to be able to

answer all of them so be sure and remind

us if we don’t do it that you get the

response individually from from our

Brussels office here but in general the

the scope of the questions including the

last one we just heard on SME for

instance shows the spectrum of

activities which are expected from the

bank so we are a climate bank we’ve said

and we will be even more one we are the

climate bank for a long time and climate

will get more and more center stage but

at the same time we expected to produce

jobs for SMEs at the same time we are

expected to fight against the loss of

productivity and competitiveness visa we

are trading partners by investing much

much more into innovation of biggest

weakness and at the same time we are

expected to contribute to the vision and

ambition to bleak be a global player and

have in that context a strategic

autonomy for me one of the most

important ambitions raised in the recent

months and years so we need to

contribute to that so that means we have

different sets of objectives climate

innovation growth and employment

and a few others and you must make sure

or it not to drown in this set of

ambitions and objectives that you

reconcile objectives which might seem to

be contradictory take an interesting

example in our neighborhood Western

Balkans area which we should give much

more attention to the Western Balkans

you can see those countries with which

we cooperate which do combine the move

towards the European Union which is a

special way of of cohesion policy with

innovation those regions and the Western

Balkans who are particularly ambitious

on innovation are the most successful in

moving towards the European Union at

least economically so this shows we must

reconcile our emissions and therefore we

say oh as we said in the United Nations

General Assembly adjustable as in in

Paris recently and we will do again next

week

in Madrid there must be climate in

everything we do and that means we are

to make sure that we do not undermine

our climate successes with the other

part of our business that is difficult

because sometimes that leads to wrong

conclusions I believe that in a world

where we want to be a economic power and

technological leader we will you might

imagine what a bad word

we need roads we need rail we need air

we need ports this will be remain the

case but it must be done on a

sustainable scape and why so this is why

we we are not dreamers we believe that

these successes in climate and natural

preservation nature preservation

activities must be done with the highest

ambition of of technology and innovation

and therefore the question concerning

our business outside the European Union

was particularly interesting for me

because there you can really nisi what

quantum leap or Frog leap development

means and sometimes as was said I think

we’ve called

from Poland that is true for the intra

EU situation as well we have areas where

we need frog bleep development in Africa

it’s evident it’s so highly motivating

if you go that’s a to to come a rune or

to Ethiopia where you see that the

arrival of of the cellphone has

revolutionized societies by bringing

access to information to health

information to into insurance to banking

activities to regions where the X is to

a bank outlet is it possible and this

has triggered an enormous increase of

activity economic activity of SMEs very

small businesses micro business in

particular with women who so far did not

have access to markets at all so these

are developments who make a huge

difference and what the Blessed Africa

is nowadays that after having been

neglected for so long time nowadays they

do not think to invest into a copper

cable based telephone system they move

directly to mobile communications that’s

happening it’s having a big scale with

our support but we can do as much as you

allow us to do you as members of the

European Parliament but also our

shareholders the member states of the

European Union and so far they had a

they hesitated to go for to more than 10

percent of our lending outside the

European Union in particular in

developing countries I believe that must

stop after the migration crisis and

unfortunately it took the migration

crisis the Europeans have woken up on

development challenges they see now what

it means in Africa when every guy grows

to four billion people by the end of the

century so it’s time to think

development not in terms of charity or

donor think the recipient thinking but

in terms of strategy and that requires

we must think development big so

development is another area where we

must make sure that our objectives fit

together and it goes without saying that

any development project we support in

Africa or Latin America or the eastern

neighborhood all important need to meet

the standards which we apply to

environmental acceptability within the

European Union

as well so of course it guides us in our

activities outside the European Union

second but I would like to refer to is

the issue of stranded assets that has

been mentioned this is key I mean some

people also in our community here have

very much goodwill and sometimes even if

your ideological approach or climate

policy I don’t have that at all I want

to clean environment and I want the

nature to survive but I want to do it

with with high-tech and therefore I want

to invest into assets which I do not

need to write off too soon from a bank

that’s a purely professional view if you

see you go into an investment that has a

lifespan of 40 years and you know in 15

years that’s over then it’s pretty

irresponsible banking and you can’t

imagine I discussed that thing with the

heads of the biggest commercial banks in

Europe and insurance companies who we

need a food co-financing and they say

the same thing are you crazy to go into

this kind of assets if you know you have

to write it off so so from that point of

view the issue of stranded esses forces

us to be more cautious because otherwise

the the need for writing off that is

making losses for the bank lends with

the taxpayer of the member states of the

European Union that is not the choice

third issue I want to address a visibly

life cycle thinking indeed we have a gap

here but this is cost in general we in

Europe do not invest enough from the

beginning when we go into an

infrastructure project for the

foreseeable maintenance and

rehabilitation of that projects

necessary in order to reach the end of

the lifespan of this project so that

leads to a built-in deterioration of the

quality of the infrastructure asset and

then Ken’s come to certain disaster and

the bridge that collapsed in Italy could

have collapse in any other part of

Europe as well so deaths don’t get

things wrong this is really important to

think long term and also in terms of

maintenance and rehabilitation and by

the way in some parts of energy also

about

removing certain assets one day which

will be extremely costly then my last

comment and then I’ll leave it to my

colleagues on voice for a transport and

in particular the energy questions to

mr. McDowall I would like to say one

thing on good mine we are very ambitious

there and we had a very good prepper

Eric conference for for Chile or now for

Madrid with the coalition of Finance

Minister for climate in the Vatican this

year with the Pope

extremely ambitious and encouraging

event and there became clear how

important for all of us could mean will

be and that means for us that we

concentrate even more on what we are

already doing in countries outside the

Europe but the reforestation agriculture

is more and more important

our ambition on oceans was expressed by

the initiative on clean oceans which we

undertook two years ago together with FD

from France in kfw in Germany

so these and eco is now on board as well

as BGK so we going to develop these

things further and we go to the kunming

with an ambitious agenda and I’m anytime

ready to report to the European

Parliament before we go there and if I

may and rubadoux maybe theirs are the

most compelling questions okay starting

with energy thank you quite a number of

questions on the role of gas in our in

our new energy landing policy and one

question on energy efficiency just on

the role of gas I mean we should be

clear that the Enderle energy landing

policy does not completely reject the

role of gas in the energy transition

what it argues is that in line with EU

climate and energy targets the gas

sector itself needs to be decarbonized

needs to be a basement particularly for

a bank you for to finance assets that

risk being overtaken by new technologies

and becoming stranded assets we want to

make sure those those projects use the

best available technologies to

decarbonize themselves so we do

recognize the role that that low carbon

gases can play particularly as a backup

to renewable energy

and the deployment of intermittent solar

and wind power in the energy transition

I suppose that brings us to the question

of what is the definition of low carbon

gases what we propose in the document is

that for power generation that new power

generation using all available

technologies but including gas must meet

a new emissions performance standard of

250 grams of co2 per kilowatt hour that

compares to our current standard a 550

grams of co2 per kilowatt hour now to

our knowledge the only way gas fire

generation projects can meet that

standard is in one of three ways using

current available technologies one is

combined heat and power where the

surplus heat from power generation is

used to heat water mainly for district

heating systems that’s an extremely

efficient technology and reduces the

emissions associated obviously with

energy production the second way of

doing it is through the blending of

renewable gases biogas synthetic gases

and ultimately in the future hyde green

hydrogen into the mix used for a

gas-fired power generation and that

again is a way to bring the emissions

performance down below the 250 standard

and the third way as has been suggested

is through the combination of carbon

capture and storage wood gasifier

generation now we recognize these

technologies are expensive currently

they’re quite immature most of them and

that’s why we have signaled that we we

we are in a position to blend low-cost

EIB death would grant aid under the

modernization fund the Innovation Fund

and indeed from national resources to

bring these technologies to make it much

more commercially interesting for the

promoters we were also asked the

question what why the 250 standard as

opposed to the 100 standard under the

sustainable finance taxonomy now let’s

recall the sustainable finance taxonomy

is about the definition of green finance

it is a bad projects that make an

extremely positive contribution to

climate action and the other environment

and therefore environmental objectives

the 250 standard is about Paris

alignment and don’t forget Paris

alignment is a slightly lower standard

of do no harm it’s not saying you’re

making an extremely positive

contribution which is which is what’s

required for the label of green finance

it’s just saying you are doing no harm

with the 250 standard and that’s why

there’s a difference between the 250 so

if we finance power generation

renewables mainly that meets the 100

gram standard we can finance that with

our green bond issuances on the other

hand if we fire if we finance a combined

heat and power plant that only meets the

250 standard it still Paris aligned but

we can’t label it as green finance and

just finally on the energy efficiency

question I think this is an extremely

interesting area I think this is the

area perhaps that’s been most overlooked

in the energy lending policy because

this is the area I think that offers the

greatest potential for for much higher

levels of VIP financing in line with the

the climate in energy targets of the

European Union and we all know the

numbers of a requirement of about 200

billion investment a year in the

building stock in order to meet those

targets our requirement is that up until

the end of 2020 any any building new

building we financed obviously must meet

the near zero energy requirement past

2020 when that requirement becomes

obligatory we need to set a new standard

and I think there’s going to be this is

a work in progress for the bank together

with the European Commission and that

new standard I suspect is not just going

to focus on the operating efficiency of

the building it’s going to have to focus

indeed as the question are asked on the

lifecycle efficiency on the embedded

carbon performance of the building as

well as other criteria over the lifetime

of the answer thank you very much thank

you so we are close to 15 minutes and we

are running late now so thank you thank

you very much for coming before the

Parliament and before the enve committee

we got your point about coming ok so it

means that we might receive you might

receive an invitation before coming so

that you can explain to this house and

to this committee what would be used by

diversity strategy before coming

so and we are going to vote of precisely

on this topic in a couple of minutes

so thank you again to you mr. president

and to you team and see you soon

[Applause]

thank you very much the Chairman always

had the idea of being an MEP one day and

even sharing the committee so I never

succeeded so it’s great to be back and

we met recently cleaner e on the

greening the EMB issue that was a few

days before we took the crucial

decisions at ARB and then we met with

this committee indeed immediately before

Paris cop21 stretch in between but it

looks like always we have afterwards

been succeeding in taking some influence

on the cop deliberations and I hope this

will be the case in Madrid as well this

year I’m grateful to Pascal co-founder

to giving me the opportunity here today

last week this house adopted a

resolution declaring the climate and

environment emergency I fully concur

with this assessment and on the urgency

to act the IPCC clearly indicated the

years to 2030 as our last window of

opportunity to hurt catastrophic climate

change this is also true and I mentioned

this deliberately for the protection and

biodiversity and ecosystems this will be

center stage in kunming yunnan in

october 2020 so next year so we better

prepare for that and have just as

ambitious objectives as we have for the

climate summit I believe we can address

the climate crisis head-on but we must

act rapidly and work together and since

the meeting we had in the plenary a few

weeks ago development has taken place in

the bank that has surprised everybody

including us in the leadership of

because we knew it will be a difficult

way in view of the fact that 28 member

states do not necessarily always have

congruent ideas it’s certainly not an a

difficult issue like this one but at the

end of the day we succeeded to get a

enormous majority that both of the

presented capital and the votes and then

we’re grateful for that this has been

accomplished by our services but in

particular by three vice presidents of

the bank Arabic dual is sitting here it

has been the one who has been working

endlessly on the new energy lending

policy of the bank which included of

course to move out of fossil fuels and I

wouldn’t want to imagine what kind of

resistance he has been meeting there

Amanda Varro the vice president has is

the one responsible for climate so she

normally should be here with us and she

will be with you at your disposal

whenever you want to talk climate with

her but she is as in Madrid already

today so apologizes and always fire he

of course is the one who combines strong

ambition on sound and green finance with

climate admission and has been very much

pushing the issue in the bank so I thank

them all and if I may be so present if

there are questions which go far beyond

my remit or in understanding then I

might include two gentlemen into my

responses as last week in its resolution

for cup 25 this house welcomes the EU

banks increased ambition on Climate

Action eight environmental

sustainability and I thank you very much

for this recognition you cannot believe

how well this is registered by 4,000 of

staff in the bank it’s important very

motivating

indeed on 14th of November the Ewbank

decided to make a quantum leap in its

ambition your bank you bank will stop

financing unabated fossil fuels energy

projects and will launch the inverse

ambitious climate investment strategy of

any public financial institution

anywhere and I am convinced after the

experience

of Paris four years ago when we were the

driving force behind the multilateral

Development Bank’s

but also this time we will be in the

lead with others others will follow our

new targets are clear first we will

increase the share of climate action and

environmental sustainability financing

to 50% of our business by 2021 by the

way some people sometimes say EAB should

become the climate bank it’s not in our

name but we are the climate bank of the

European Union for decades we are by far

the strongest climate project lender in

the world by far and we intend to

further work on this we had roughly 15

percent of climate lending 10 years ago

in Paris we committed to go up to 25

percent we are now at 27 and we will go

to much more as I will say in a few

minutes because by 2020 we aim to

support no less than 1 trillion euro of

investment in these objectives globally

by 2030 I was a little bit shaky when I

announced that figure in the General

Assembly of the United Nations because

that was before we met and that was

before I got the approval of the organs

of the bank so it was a little bit on

shaky ground but at the end of the day

we did third we will align our financing

activities with the principles and goals

of the Paris agreement by the end of

2020 this is an important part of the

program because if we commit to do 50%

climate lending then you must not be

allowed to destroy with the rest of you

50% lending of the objectives you have

reached with your climate lending so

doing 50% with the good conscience and

50% with the bad conscience is not the

solution this also implies the urgent

need to have clarity on the funding side

green bonds is an issue frequently

raised we invented green bonds

five years ago at Green yeah B we were

considered lunatics at that time not me

I was not there yet but our princesses

they were very courageous at that time

and we had outstanding partner in the

stock exchange of Luxembourg one of the

most dynamic places for these activities

but what became very clear very soon is

that you need clear rules for what is a

green bond you cannot simply take a

piece of paper paint it green and say

this is a green bond now no the

investors you need to bring it on board

they need to know what you are doing

with the money they entrust you and

therefore there must be transparency

accountability and sustainability and

this must be checked and there must be

international criteria what is green

there is the working group on green

principles which is a large large extent

it’s influenced by our experts this Beck

have come very far but I agree with the

European Commission that is necessary to

arrive at a solid framework for this in

form of a taxonomy which makes sure that

green cheating stops green washing is a

risk for our credibility not only

visibly the citizens it’s of course the

case because then they might not believe

in climate policies anymore it’s huge

credibility risk visibility investors

and they act quickly if they don’t trust

us anymore what we do with their money

we have a problem

so these decisions send an important

signal to the world they prove our

determination as Europeans to send a

strong message in Madrid that EU is the

global leader in the fight against

climate change this committed to

continue to be sober stepping up its

action and that also means ladies and

gentlemen that by quickly developing the

necessary technologies also by

technology leaps we will be the

front-runner in the development of the

necessary technologies for the entire

world at a time when Europe blue

loses competitiveness each and every day

we because we don’t do enough on

innovation we finance 15% 1.5 percent of

our GDP less in innovation activities

over 15 years now compared with our

Asian and North American competitors so

we must move forward on this as well so

track climate policies that’s not

charity that’s a good opportunity to

develop markets as well and we should

grab this opportunity in this context

the bank is looking forward to working

with you and the European Commission and

of course the Council to implement the

ambitious vision of the European Green

Deal I believe the new bank is central

to realizing the EU climate neutrality

ambition investment will be crucial to

achieve the desired objectives but

public resources are scarce the EU bank

for its ability to mobilize private

investment in its capacity to provide

advisory services to make products

bankable is ready to play a key role in

the future sustainable Europe investment

fund we are also ready and look forward

to bring our advisory services in

financing power to support the European

Commission just transition mechanism the

you bank is well aware of the fact that

the transformation required to meet the

Paris agreement goals will affect some

areas communities and sectors more than

others we commit to increase our support

for just transition in the most

vulnerable groups and regions ensuring

that no one is left behind a new energy

lending policy already proposes some

measures in this regard such as the

development of an energy transition

package which includes the possibility

to exceptionally finance up to 75%

instead of normally 55 50 percent of the

eligible project cost for new energy

investment in countries hit hardest by

the in transition however the issue of

addressed transition is much broader

than the energy policy it is not only

about renewables not only about energy

efficiency it’s also about the provision

of new economic perspectives growth and

jobs because definitely the fossil fuel

industry for instance jobs will get lost

and these people need new jobs and you

don’t convert somebody who has been

working in a coal mine for twenty years

into the head of a digital startup in

two years so it takes the real effort to

get there and we are ready to contribute

to that as well let me explain to you in

more practical terms how we plan to

deliver on our new ambition the EAB

group that is the bank and the fund our

subsidiary is currently working on a

roadmap the climate bank road by 2025 to

deliver on the EAB group ambition over

the period of 21 to 25 we’re happy to

present this in due course to this house

the you climate Bank Road mint roadmap

2025 bills upon and with forces the

abbeys existing climate strategy which

is currently also undergoing a review

since being approved in 2015

significant progress has been made of

the EAB climate strategy implementation

and on delivery of our commitments made

in Paris four years ago we need to work

extremely closely with the EU

institutions in Brussels in sauce pool

because it is quite obvious that the

activities of this Bank always consists

of work in the triangle between lending

which is normal for a bank lending

that’s the grip on EU resources which we

need to have and advising lending

blending and advising belong to together

under one roof and this is why we need

the close cooperation with you and the

European Commission and of course with

the support of the Member States when it

comes to the future of the EU budget and

there we must know what is in the Green

Deal and the just transition package so

far it’s a programmatic name but we need

to find out in the next weeks in our

very close cooperation and particularly

till months

this team but also did talk with Brazil

for the line last night we must get our

forces together in order to achieve that

because you know when we all talked

about this vision some people get

nervous because they think you might

need it psychiatrists if you have a

vision but what we need here is to bring

flesh to the bone and that’s the work

for the next week to make it a little

bit more tangible what is meant by the

Green Deal and a just transition fund

and I can assure you that we are very

very close exchange with the European

Commission on this thank you very much

for your attention and later on we’ll

write together to take all your

questions you might have and if we are

not able in the limited time we have

today to answer and it responds in the

video to each and every question we

assure you that you’ll get the responses

afterwards our colleagues from the

Brussels and the lots of work offices

are here thank you thank you let’s check

it works seems to be working so

seems to be working okay so we start

with the the coordinators or the

representative so start with the EPP

Patel is a young care thank you very

much chairman Thank You president Hoya

you mentioned the sentence at the end

that a former Social Democrat German

Chancellor said if you have a vision you

should go to the go to a psychiatrist I

think we need visions however and I

think it’s good that all Sola Fund a

lion has a strong vision of a climate

neutral Europe and that do you support

that I think your remark meant that we

shouldn’t remain with the vision we

should actually help people that the

topic of just translation is very

important for the EPP and we actually we

do indeed have to put more flesh on the

bones for people who have lived from

coal hitherto I have two specific

questions last week we adopted we

supported the transformation of the eb

ib into a climate bank with by a large

majority you said rightly that the eb

won’t support unabated fossil fuels any

more if I understand that correctly a

means that we see a possibility for CCS

carbon capture and storage that this

technology will be supported second

question there was some clarity as to

gas as a transition technology in

combination with renewables I think in

certain countries that will be necessary

that that isn’t the goal for 2050 but

looking at the current situation in

Poland going from a lot of coal to very

little gas within renewables is a very

good investment and I hope that you will

continue to support that thank you

so for snd you – good no Mohammed Shane

thank you dr. Ella of Doctor Who you

thank you for your introduction we as a

cently welcome of course to transition

from the aiibi into partly at least a

climate bank we were a bit considered

what you mean with low emission gases

but that’s something that pitiless also

asked and also what you said about that

investments in Ana

so the investments and fossil fuels are

acceptable if there’s a if there’s if

they are unabated so there’s a

discussion currently in Parliament about

the green taxonomy and as you said that

50% of the investments of the EIB will

be put into green investments and 50%

will be left for other investments but

there you will really check whether

those investments go against the Paris

agreements or not so my question is

would you approve or would you promote

having besides a green taxonomy

discussion also a clear definition of

brown taxonomy and would that be helpful

for the investments of the IB of course

for in earnest overs Thank You Pascal

and excuse me for having a voice which

is more like an old Raven

and a human being but that’s life on the

slope down to co2 neutrality we have

different technology technological

material scientific organization

intellectual state dependent bottlenecks

they look different for transport and

for buildings and for different fields

of Industry how that and they have it

usually also different investment cycles

and you have in the background and you

have different conditions of

biodiversity

and the bank should be able to in some

way to accommodate all these different

aspects it’s like a kaleidoscope which

is turned by by by time and all when

time turns that kaleidoscope the picture

becomes very much different and my

question is therefore very simple how do

you cope with all these very very severe

and sometimes contradicting the effects

thank you thank you for the greens the

Paris now will change go ahead Thank You

chair thank you mister hiya am and

indeed we also be greens we believe that

this is a big step in the in the right

direction but we have some questions on

the exact implementation of of what you

are doing and so the first thing you

already touched upon is you spoke about

this roadmap and maybe you can explain a

little bit more what you what do you

mean how do you what are the next

concrete steps to implement em your goal

of reaching 50 percent and and what are

the timelines for the revisions of other

sectoral lending policies for instance

in transport and then it would be

interesting to understand what do you

exactly mean with aligning with the

Paris agreement objectives there is the

do no harm principle how will you apply

this do no harm principle and when it

comes to lending for gas and there is

the for specie Eilis that is still being

funded the funding will continue until

2024 I understand you will continue

funding and the transition to gas

heating systems so my question to you is

don’t you think that you are adding a

risk of stranded investments in the

portfolio of the

be and how do you assess this and how do

you define low carbon gases and there’s

not yet a clear definition of what it

actually means and will this like low

carbon gas definition will it actually

lead to continue financing fossil gas

and and then you are you spoke about the

climate strategy and that you are also

revising the climate strategy of the EIB

maybe you can explain a bit more what

other concrete steps and goals and

objectives of revising the yabby climate

strategy thank you very much thank you

for easy yep thank you chairman Thank

You mr. president

I would have a specific question but can

also serve as a general one I try to

raise this at a plenary a couple of

weeks ago when your collaborators but

well we’re here but I did not get any

kind of a response

I’m from Prague Czech Republic so it’s a

traditional crossroad you know heavy

traffic connecting Berlin with Vienna

Frankfurt this with war so we did not

have finished a highway ring around so

it means that truck is totally jammed by

the trucks from everywhere by other cars

and we do have a municipality which is

led by in fact the Pirates who are part

of the Green Party here and they

promised the EIB financing for

completing the rink around prague and

here is my question because if this ring

is finished they do dramatically improve

the quality of would reduce the air

pollution in the capital of my country

at the same time it would not contribute

to the paris goals by anything so the

cars would go just around so improving

the local air quality but not

contributing to the global

in the new transformed a I be can we

have a landing of of the money or not

and in the general sense you know any

type of this kind of investment but it

would be eligible for Eid financing

thank you thank you for ID and sorry for

the switching but we didn’t have to on

the list

see yes I’ve done no problem

Thank You chairman mister hiya mister hi

I rent that you were intending to invest

a trillion euro up to 2030 that was the

figure that the EIB has planned to spend

in the light of this climate hysteria

that seems so taken over the European

Parliament now the only real tool to

stop all these people dying around the

world apparently here’s my question if

as greater toon berg says there’s this

emergency in this risk of mass

extinction how is it possible to take

public investment I’m out of the picture

of this emergency let me explain what I

mean if you’re saying we’re all going to

die

this is a real priority how do you

manage at the same time to you know

ensure that the budget is respected not

all the Member States of course there

there are good and bad pupils there but

but just dealing with the climate crisis

what’s your creating the new climate

fund is just that the latest of many

bubbles in the financial sector you seem

to be pursuing the interest of major

investors and banks

rather than protecting citizens real

needs in Europe so can you explain to me

how you reconcile this will to tackle

the possibility of us all dying because

of the climates getting worse every day

while at the same time you’re wrapping

the various member states on the

knuckles for every tiny cent they might

spend to do something about it

Kiedis Thank You chairman Thank You mr.

Hoyer for your introduction in the big

picture it’s a very good thing that

you’ve made this decision about

supporting fossil-free investments so we

have one source of financing working

against the climate targets the

timetable is very tight we have public

procurement and public investments in

the member states that ago against the

climate targets so that’s wasted money I

have two questions one on gas which a

colleague raised on the second is on

energy efficiency you talked about the

targets for 2050 which is the overall

target we think the 2030 target is the

most important one we should show a road

mate how we going to get there otherwise

it will run away from us we talk about

the Union being a pioneer but but the

targets are not yet based on science and

we’re not at the right level yet

what

what we’ve heard about the Green Deal

and the green economy package it still

doesn’t offer targets at our ambition

officious enough and and that’s being

the case we can’t call ourselves leaders

the most so I wanted to ask about

getting guesses what are a low emission

gases do you think really that CCS is

the solution I think I don’t think the

large-scale solutions are yet available

so what are low emission gases wouldn’t

it be more sensible to switch there’s

straight to clean truly renewable energy

sources natural gas might be a

transitional assertion my second

question is on energy efficiency that

should be supported but what are the

criteria to make sure that investment on

energy energy efficiency take into

account Lee in entire Jo entire

lifecycle in terms of the life of

buildings and the life cycle of

materials so if you know me we will go

directly to the other questions

otherwise okay so I close the list here

I have around nine additional speakers

so please stick to one minute for your

questions otherwise you won’t get the

answers okay I’m sorry about that it’s

your success but then we have a voting

session and we have to be on time so

let’s start with the EPP again and madam

Maya sake

thank you Jeff for giving me the floor

thank you mister however having you here

in this very interesting debate I would

like to ask you very briefly two

questions first in my home country

Greece we have two regions in transition

the one is the region of western

Macedonia and the second is the city of

megalopolis I would like to ask you

kindly and frankly if you have any kind

of suggestions to the local authorities

in order to start providing a new

eligible project for the EAB and second

it is the question concerning the use of

gas as a transition as a transition firm

I would like to ask you at the same the

same framework if these regions in

transition could use gas or could use

gas with the facilitation of vab in

order to facilitate the transition thank

you very much for deviatoric Thank You

mr. chair together was approval of the

new AIB energy policy on November 14th

the EIB Board of Directors approved a

new strategy that includes the gradual

increase of the share of its financing

dedicated to climate action and

environmental sustainability to reach

50% of its operations in 2025 and from

then on so far a ad has had a target of

25% dedicated to the climate action

projects only

and this last increase up to 50% is not

only in percentage but also in the scope

as it includes not only climate action

dimension of projects all horizontal

perspective but also environmental

sustainability which is a separate

sector of projects with vertical within

existing methodology of the bank it is

not possible today to count how the

start that is rich so my question is

what is the new precise target for the

climate action and what will be the

emotive methodology to count it thank

you very much thank you

for Renu yen with Emma it’s not here so

multi no six thank you very much I’m an

AH and thank you for the presentation

very interesting I would like to ask how

this lending policy which i think is

really great step forward could

contribute to what I would call the leap

frogging in the Central and Eastern

Europe I come from the region and it’s

often very dependent not only justly the

Forsyth was especially cold but it’s

also very heavy on industries and energy

intensive industries and I wonder if

this energy of ending policy could help

to kind of overcome the technological

gap and kind of move it into what I call

the renewable age thank you for the

greens Thank You chair Thank You mr.

Hoya for being here and I would like to

folk here I’m actually I would like I’m

thanking you explicitly for mentioning

kun Ming because I think that

biodiversity crisis is compared to the

climate crisis it’s somewhat overlooked

and I would be very interested in what

kind of projects would the e I be like

to finance in that in that policy area

or do you think of financing

conservation projects or agricultural

projects which are are enhancing

biodiversity or are you think of

projects like greener cities with

biodiversity spots in the city I would

love if you could enlighten me a bit on

this thank you thank you for easier and

as a used car

procession Bank o son of Levi Strauss

jinkies a tough spot Kanye says kill

Capitan rose means rob a ski banker

invested saying there and I have a few

questions the bank that you direct is an

independent body which has a legal

personality which manages public and

private money my first question is as

follows

cooperation with the Commission which we

hope to see present directives soon

apparently there is a an interpretation

problem and the table appears I appeared

shut it down yeah yeah so now on to my

first question how will cooperation with

the Commission work how do you imagine

this you are managing colossal amounts

and so I would expect to hear more

tangible and precise information from

you I would like some more concrete

elements from you and my second question

regards gas we are worried indeed by

rumors that the bank is preparing to

refuse funding of projects linked to gas

this particularly worries me because

Poland has invested a lot in projects

leap – gasps thank you well agree Mike

Wallace nice chair

and the higher your your final policy

retains the revised provision which was

not in the original draft which would

allow you to pop money into liquid

natural gas projects like the one the

Shannon s tree in Ireland which will see

us import fright gas from America and

lock us in to this for decades to come

your vice president sitting on your left

there Andrew said recently in an

interview that AIB will continue to lend

to faster gas projects after 2091

as long as they meet strict emission

standards can you elaborate on this pine

please your policy also says in general

the bank will only support power

generation projects which emit less than

250 grams of co2 per kilowatt hour but

the Commission is working on a draft

sustainable finance taxonomy as part of

this process it sought input from a

technical expert group according to the

experts gas-fired plants would not

qualify as

the activity because they emit more than

100 grams of co2 per kilowatt hour of

electricity produced a hundred grams is

the treasure all defined by the export

groups to qualify as making a

substantial contribution to climate

change mitigation so you’re 250 figure

is over is two and a half times what

what they’re allowing can you please

explain this please thank you for the

last three speakers from EPP man and Ben

Taylor yes Linda kohai of Iran Thank You

mr. Hoyer for your introduction to what

extent is the ib e ib giving loans for

climate projects outside the EU and what

extent do you see an increase in these

measures against the background of the

fact that in the european parliament

we’ve decided that we measures for

development aid for climate and

environmental protection measures should

be doubled in the next parliament and of

course because it makes sensible to make

environmental protection international

and perhaps we can make a greater

contribution in that way thank you for

SMGs is our way now reckon you’ll

proceed definitely a senior you know

lead on good mornings to hire I haven’t

heard you saying that biodiversity you

planning to invest in natural solutions

to tackle climate change now you in your

CV you’ve made safe investments to make

sure you can keep the the Triple A

rating that’s what private banks do I’m

rather surprised by that attitude on

what’s supposed to be a Development Bank

and so how do you envisage reconciling

this obsession with maintaining a

triple-a rating while also making green

investments which we so sorely need if

we’re to provide some impetus for a new

economic model even if some of those

investments may theoretically be less

financially secure than traditional

investments yes thank you very much

and Thank You mr. Hoyer for being here I

just have a very short question is how

about let me start over the small and

medium enterprises I think are the

driver for innovations and can be a very

valuable solution also for Clemson how

can we make sure that also money spent

from the European Investment Bank goes

to the right people and also goes to for

example small and medium-sized

enterprises thank you very much thank

you so if I can ask you to answer all

these questions precisely in a maximum

of 15 minutes really great yeah minimum

of 10 maximum of 50 okay and then we

close thank you very much chairman this

is a generous offer I know how precise

the European Parliament is on time

limitations this is quite a bouquet of

questions and I want to be able to

answer all of them so be sure and remind

us if we don’t do it that you get the

response individually from from our

Brussels office here but in general the

the scope of the questions including the

last one we just heard on SME for

instance shows the spectrum of

activities which are expected from the

bank so we are a climate bank we’ve said

and we will be even more one we are the

climate bank for a long time and climate

will get more and more center stage but

at the same time we expected to produce

jobs for SMEs at the same time we are

expected to fight against the loss of

productivity and competitiveness visa we

are trading partners by investing much

much more into innovation of biggest

weakness and at the same time we are

expected to contribute to the vision and

ambition to bleak be a global player and

have in that context a strategic

autonomy for me one of the most

important ambitions raised in the recent

months and years so we need to

contribute to that so that means we have

different sets of objectives climate

innovation growth and employment

and a few others and you must make sure

or it not to drown in this set of

ambitions and objectives that you

reconcile objectives which might seem to

be contradictory take an interesting

example in our neighborhood Western

Balkans area which we should give much

more attention to the Western Balkans

you can see those countries with which

we cooperate which do combine the move

towards the European Union which is a

special way of of cohesion policy with

innovation those regions and the Western

Balkans who are particularly ambitious

on innovation are the most successful in

moving towards the European Union at

least economically so this shows we must

reconcile our emissions and therefore we

say oh as we said in the United Nations

General Assembly adjustable as in in

Paris recently and we will do again next

week

in Madrid there must be climate in

everything we do and that means we are

to make sure that we do not undermine

our climate successes with the other

part of our business that is difficult

because sometimes that leads to wrong

conclusions I believe that in a world

where we want to be a economic power and

technological leader we will you might

imagine what a bad word

we need roads we need rail we need air

we need ports this will be remain the

case but it must be done on a

sustainable scape and why so this is why

we we are not dreamers we believe that

these successes in climate and natural

preservation nature preservation

activities must be done with the highest

ambition of of technology and innovation

and therefore the question concerning

our business outside the European Union

was particularly interesting for me

because there you can really nisi what

quantum leap or Frog leap development

means and sometimes as was said I think

we’ve called

from Poland that is true for the intra

EU situation as well we have areas where

we need frog bleep development in Africa

it’s evident it’s so highly motivating

if you go that’s a to to come a rune or

to Ethiopia where you see that the

arrival of of the cellphone has

revolutionized societies by bringing

access to information to health

information to into insurance to banking

activities to regions where the X is to

a bank outlet is it possible and this

has triggered an enormous increase of

activity economic activity of SMEs very

small businesses micro business in

particular with women who so far did not

have access to markets at all so these

are developments who make a huge

difference and what the Blessed Africa

is nowadays that after having been

neglected for so long time nowadays they

do not think to invest into a copper

cable based telephone system they move

directly to mobile communications that’s

happening it’s having a big scale with

our support but we can do as much as you

allow us to do you as members of the

European Parliament but also our

shareholders the member states of the

European Union and so far they had a

they hesitated to go for to more than 10

percent of our lending outside the

European Union in particular in

developing countries I believe that must

stop after the migration crisis and

unfortunately it took the migration

crisis the Europeans have woken up on

development challenges they see now what

it means in Africa when every guy grows

to four billion people by the end of the

century so it’s time to think

development not in terms of charity or

donor think the recipient thinking but

in terms of strategy and that requires

we must think development big so

development is another area where we

must make sure that our objectives fit

together and it goes without saying that

any development project we support in

Africa or Latin America or the eastern

neighborhood all important need to meet

the standards which we apply to

environmental acceptability within the

European Union

as well so of course it guides us in our

activities outside the European Union

second but I would like to refer to is

the issue of stranded assets that has

been mentioned this is key I mean some

people also in our community here have

very much goodwill and sometimes even if

your ideological approach or climate

policy I don’t have that at all I want

to clean environment and I want the

nature to survive but I want to do it

with with high-tech and therefore I want

to invest into assets which I do not

need to write off too soon from a bank

that’s a purely professional view if you

see you go into an investment that has a

lifespan of 40 years and you know in 15

years that’s over then it’s pretty

irresponsible banking and you can’t

imagine I discussed that thing with the

heads of the biggest commercial banks in

Europe and insurance companies who we

need a food co-financing and they say

the same thing are you crazy to go into

this kind of assets if you know you have

to write it off so so from that point of

view the issue of stranded esses forces

us to be more cautious because otherwise

the the need for writing off that is

making losses for the bank lends with

the taxpayer of the member states of the

European Union that is not the choice

third issue I want to address a visibly

life cycle thinking indeed we have a gap

here but this is cost in general we in

Europe do not invest enough from the

beginning when we go into an

infrastructure project for the

foreseeable maintenance and

rehabilitation of that projects

necessary in order to reach the end of

the lifespan of this project so that

leads to a built-in deterioration of the

quality of the infrastructure asset and

then Ken’s come to certain disaster and

the bridge that collapsed in Italy could

have collapse in any other part of

Europe as well so deaths don’t get

things wrong this is really important to

think long term and also in terms of

maintenance and rehabilitation and by

the way in some parts of energy also

about

removing certain assets one day which

will be extremely costly then my last

comment and then I’ll leave it to my

colleagues on voice for a transport and

in particular the energy questions to

mr. McDowall I would like to say one

thing on good mine we are very ambitious

there and we had a very good prepper

Eric conference for for Chile or now for

Madrid with the coalition of Finance

Minister for climate in the Vatican this

year with the Pope

extremely ambitious and encouraging

event and there became clear how

important for all of us could mean will

be and that means for us that we

concentrate even more on what we are

already doing in countries outside the

Europe but the reforestation agriculture

is more and more important

our ambition on oceans was expressed by

the initiative on clean oceans which we

undertook two years ago together with FD

from France in kfw in Germany

so these and eco is now on board as well

as BGK so we going to develop these

things further and we go to the kunming

with an ambitious agenda and I’m anytime

ready to report to the European

Parliament before we go there and if I

may and rubadoux maybe theirs are the

most compelling questions okay starting

with energy thank you quite a number of

questions on the role of gas in our in

our new energy landing policy and one

question on energy efficiency just on

the role of gas I mean we should be

clear that the Enderle energy landing

policy does not completely reject the

role of gas in the energy transition

what it argues is that in line with EU

climate and energy targets the gas

sector itself needs to be decarbonized

needs to be a basement particularly for

a bank you for to finance assets that

risk being overtaken by new technologies

and becoming stranded assets we want to

make sure those those projects use the

best available technologies to

decarbonize themselves so we do

recognize the role that that low carbon

gases can play particularly as a backup

to renewable energy

and the deployment of intermittent solar

and wind power in the energy transition

I suppose that brings us to the question

of what is the definition of low carbon

gases what we propose in the document is

that for power generation that new power

generation using all available

technologies but including gas must meet

a new emissions performance standard of

250 grams of co2 per kilowatt hour that

compares to our current standard a 550

grams of co2 per kilowatt hour now to

our knowledge the only way gas fire

generation projects can meet that

standard is in one of three ways using

current available technologies one is

combined heat and power where the

surplus heat from power generation is

used to heat water mainly for district

heating systems that’s an extremely

efficient technology and reduces the

emissions associated obviously with

energy production the second way of

doing it is through the blending of

renewable gases biogas synthetic gases

and ultimately in the future hyde green

hydrogen into the mix used for a

gas-fired power generation and that

again is a way to bring the emissions

performance down below the 250 standard

and the third way as has been suggested

is through the combination of carbon

capture and storage wood gasifier

generation now we recognize these

technologies are expensive currently

they’re quite immature most of them and

that’s why we have signaled that we we

we are in a position to blend low-cost

EIB death would grant aid under the

modernization fund the Innovation Fund

and indeed from national resources to

bring these technologies to make it much

more commercially interesting for the

promoters we were also asked the

question what why the 250 standard as

opposed to the 100 standard under the

sustainable finance taxonomy now let’s

recall the sustainable finance taxonomy

is about the definition of green finance

it is a bad projects that make an

extremely positive contribution to

climate action and the other environment

and therefore environmental objectives

the 250 standard is about Paris

alignment and don’t forget Paris

alignment is a slightly lower standard

of do no harm it’s not saying you’re

making an extremely positive

contribution which is which is what’s

required for the label of green finance

it’s just saying you are doing no harm

with the 250 standard and that’s why

there’s a difference between the 250 so

if we finance power generation

renewables mainly that meets the 100

gram standard we can finance that with

our green bond issuances on the other

hand if we fire if we finance a combined

heat and power plant that only meets the

250 standard it still Paris aligned but

we can’t label it as green finance and

just finally on the energy efficiency

question I think this is an extremely

interesting area I think this is the

area perhaps that’s been most overlooked

in the energy lending policy because

this is the area I think that offers the

greatest potential for for much higher

levels of VIP financing in line with the

the climate in energy targets of the

European Union and we all know the

numbers of a requirement of about 200

billion investment a year in the

building stock in order to meet those

targets our requirement is that up until

the end of 2020 any any building new

building we financed obviously must meet

the near zero energy requirement past

2020 when that requirement becomes

obligatory we need to set a new standard

and I think there’s going to be this is

a work in progress for the bank together

with the European Commission and that

new standard I suspect is not just going

to focus on the operating efficiency of

the building it’s going to have to focus

indeed as the question are asked on the

lifecycle efficiency on the embedded

carbon performance of the building as

well as other criteria over the lifetime

of the answer thank you very much thank

you so we are close to 15 minutes and we

are running late now so thank you thank

you very much for coming before the

Parliament and before the enve committee

we got your point about coming ok so it

means that we might receive you might

receive an invitation before coming so

that you can explain to this house and

to this committee what would be used by

diversity strategy before coming

so and we are going to vote of precisely

on this topic in a couple of minutes

so thank you again to you mr. president

and to you team and see you soon

[Applause]

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