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Divestment in the Energy Sector Workshop Belgrade, 8th June 2015 Andréas Beikos Head of Representative Office for the Western Balkans European Investment Bank European Investment Bank Page 1 London Array Offshore Windfarm © Siemens AG Munich/Berlin EIB’s environmental policies and procedures & climate action European Investment Bank Page 2 Reference framework Art. 11 of TFEU / Treaty of Lisbon “Environmental protection requirements must be integrated into the definition and implementation of the Union policies and activities, in particular with a view to promoting sustainable development.” Charter of Fundamental Rights of the EU • Main reference for EIB’s social standards • Common EU’s values • Attention to rights of disadvantaged groups Best practices: International Labor Organisation (ILO) Core Labour Conventions, UN Guiding Principles on Business & Human Rights, standards of other IFIs, etc. EIB Statement of Environmental and Social Principles and Standards (2009) Highest-level framework of the EIB articulating commitment to environmental and social sustainability European Investment Bank Page 3 Environmental and social due diligence EIB’s Environmental and Social (E&S) Standards: • Complement financial and economic due diligence of all projects • Apply to all regions, all types of financing, to the whole project, throughout the project cycle • Are operationalized through EIB’s Environmental and Social Practices Handbook 10 E&S Standards 1 Assessment and Management of Environmental and Social Impacts and Risks 2 Pollution Prevention and Abatement 3 Biodiversity and Ecosystems 4 Climate-Related Standards 5 Cultural Heritage 6 Involuntary Resettlement 7 Rights and Interests of Vulnerable Population Groups 8 Labour Standards 9 Occupational and Public Health, Safety and Security 10 Stakeholder Engagement Environmental and Social Standards – overview: http://www.eib.org/infocentre/publications/all/environmental-and-social-standards-overview.htm Environmental and Social Practices Handbook: http://www.eib.org/infocentre/publications/all/environmental-and-social-practices-handbook.htm European Investment Bank Page 4 Alignment with EU climate policies Thermosolar Gemasolar project in Spain Copyright: © Torresol Energy Investments S.A European Investment Bank Page 5 European Union – world leader in tackling climate action Climate Change Mitigation • 2007: Energy Action Plan – ambitious 20-20-20 targets to be attained by 2020 • 2011: Roadmap for moving to a competitive low carbon economy by 2050 • 2014: 2030 framework for climate and energy policies - adopted by EU Council on 24th October 2030 2020 GHG emissions reduction 20% 40% • Binding target at EU level • Reform of EU emissions trading system (ETS) Renewable Energy 20% 27% • Binding target at EU level Energy Efficiency 20% 27% • Indicative target at EU level Climate Change Adaptation • 2013: EU Adaptation Strategy 6 European Investment Bank Page 6 Theory turned into practice: concrete measures at the EIB Precise classification of lending areas and definition of transparent lending targets (2010) Reliable and accountable methodology for the calculation and publication of the carbon footprint for investment projects directly financed by the EIB (2009-2011) Conservative thresholds for selection and evaluation of projects (2013) Ranking EIB portfolio by GHG emissions Carbon intensive Low carbon European Investment Bank Page 7 2010: Precise classification of climate action lending areas Renewable Energy Electricity, heat or fuel production from renewable sources, related component manufacturing facilities and associated infrastructure Energy Efficiency Projects justified on the basis of cost-benefit analysis – NPV of cost of the project over its life < NPV of energy saved, including externalities Sustainable Transport Transport projects resulting in reduction of GHG emissions through modal shift and/or more efficient operation in a single mode Forestry and Land Use Biological sequestration projects that sequester or conserve CO2equivalent Research, Development & Innovation RDI activities in areas of energy efficiency and low-carbon technologies, including deployment of breakthrough innovation Adaptation Projects and/or measures to increase climate resilience of vulnerable infrastructure or areas, such as e.g. flood control and drought management GHG capture or avoidance Projects with demonstrable substantial reductions in GHG emissions, e.g. methane capture or avoidance projects from waste water treatment European Investment Bank Page 8 Corporate Operational Plans Transparency of loan signatures targets - 25% of total - and results EIB climate action loan signatures (in EUR m and percentage of total annual loan signatures) 21% 29% 30% 26% 27% 25% EUR m 22,000 20,000 18,000 Climate adaptation 16,000 14,000 Other & miscellaneous* 12,000 GHG reduction in transport 10,000 RD & I 8,000 Energy efficiency 6,000 Renewable Energy 4,000 2,000 0 2009 2010 2011 2012 2013 2014 Total loans signed for climate action in 2009-2014: EUR 107bn * including "Afforestation and Forest management" and "Waste and Wastewater" categories 9 European Investment Bank Page 9 Carbon footprint – a reliable and accountable methodology… • Methodology developed in 2009, publicly available: http://www.eib.org/attachments/strategies/eib_project_carbon_footprint_methodologies_en.pdf • Ex-ante estimates of future emissions of 7 Greenhouse Gases covered by the Kyoto Protocol (translated into CO2-eq), from all relevant EIB investment projects across all sectors • Approach guided by the principles of Completeness, Consistency, Transparency, Conservativeness, Balance and Accuracy • Estimates for a representative year of project operations European Investment Bank Page 10 Contact European Investment Bank 100, bd. Konrad Adenauer L-2950 Luxembourg www.eib.org Andréas Beikos Head of Representative Office for the Western Balkans +381 11 312 1756 [email protected] Esther Badiola Senior Economist EIB Projects Directorate +352 4379 82661 [email protected] European Investment Bank Page 11