The EIB Group Climate Bank Roadmap 2021-2025: What does it mean for developing countries?

CASCADES Policy Paper (September 2021)

The decade ahead is a critical one for long-term global sustainability. It presents an indispensable opportunity for the world to stimulate a recovery from COVID-19 and its induced economic crisis while paying particular attention to the climate catastrophe and extreme weather events, which continue to threaten lives and livelihoods. On the one hand, developed countries have adopted ‘build back better and greener’ recovery programmes to mitigate climate change, while building climate adaptability and resilience to attain carbon neutral economies by 2050. The European Union (EU) has formulated goals for this climacteric decade, which will enable it to build back better, in a greener, more digital, more inclusive and more resilient way, as necessitated by the  European Green Deal (EGD). In this context, EU member states have pledged to increase their reduction in greenhouse gas (GHG) emission from 40% to 55% over the period 2021-2030 (EC 2020). These new EU goals await to be complemented by commitments from other countries at the 26th Conference of the Parties (COP26) of the United Nations Framework Convention on Climate Change, which will take place in November 2021.