The EU's External Investment Plan (EIP) to target three areas for climate-relevant investments is expected to generate up to €9 billion by 2020 for Africa and the EU neighborhood countries, the Climate Action and Energy Commissioner Miguel Arias Canete announced on Tuesday.
At the One Planet Summit in Paris, Canete announced that the EIP, with its focus on sustainable development and low-emission and climate-resilient transition, will scale up much-needed investments across Africa and the EU neighborhood region by providing at least €44 billion by 2020.
The EIP includes a new European Fund for Sustainable Development (EFSD) to support investments by public financial institutions and the private sector in a range of investment areas or so-called 'windows.'
The three targeted windows to generate €9 billion announced Tuesday are Sustainable Cities, Sustainable Energy and Connectivity, and Sustainable Agriculture, Rural Entrepreneurs and Agribusiness.
Sustainable Cities plan to mobilize investments within the municipal infrastructure sectors of sustainable urban planning, sustainable and smart mobility, water, sanitation, waste management, renewable energy services and energy efficiency, resilient infrastructure and buildings, including social housing.
Sustainable Energy and Connectivity supports the development of new low-carbon and climate-resilient opportunities in sustainable energy and potentially transport sub-sectors, as well as help reducing energy poverty.
Sustainable Agriculture, Rural Entrepreneurs and Agribusiness supports investment opportunities for the private sector to achieve sustainable, low-carbon, climate-resilient and inclusive growth along the agricultural value chain.
'New jobs, accelerated and sustainable growth, enhanced resilience to climate change impacts, improved health, poverty reduction and better connectivity are the main benefits,' according to a statement from the EC.
Together, the EU and its member states are the world's biggest provider of climate finance, giving developing countries a total of €20.2 billion last year.
The EU is also collectively the world’s top provider of development assistance, giving €75.5 billion last year, almost 60 percent of the global total.
By Gulsen Cagatay
Anadolu Agency
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