EU Commission and EIB plan €18bn for investment

The European Commission and the European Investment Bank have jointly unveiled a €18 billion funding package under Europe’s investment strategy for partner countries, Global Gateway. The funds will support investment in three priority areas of Global Gateway: climate action, clean energy, and connectivity. The projects will be carried out in Europe’s partner countries worldwide and will assist in bridging the global climate finance gap while also providing support for prevention, adaptation, and mitigation.

Speaking at the Global Citizen NOW Summit in New York, Ursula von der Leyen, the European Commission President, stated that Global Gateway would invest in the necessary projects for its partners, from preventing natural risks to building clean transport and energy infrastructure. She added that the €18 billion in financing would help launch even more such projects, expeditiously advancing the climate transition around the world, making our partners more resilient and improving people’s lives.

Global Gateway aims to leverage €300 billion in investments between 2021 and 2027 worldwide, with a blend of grants, concessional loans, and guarantees to de-risk private sector investments. Global Gateway’s goal is to mobilise public and private sector funds to assist partner countries in reaching the United Nations Sustainable Development Goals, including net-zero carbon emissions by 2050 and climate resilience.

Global Gateway’s investment priorities include enhancing climate finance, developing clean energy sources, and building climate-resilient infrastructure. The initiative will concentrate on low- and middle-income countries, where the effects of climate change are most acutely felt, and where the need for climate finance and investment is the greatest.