International climate finance is a key element in supporting developing countries in fighting climate change. With around EUR 76 million provided for climate-friendly projects, OeEB was once again the largest Austrian provider of climate-finance in developing countries in 2017.
"Developing countries are most heavily affected by climate change. International climate-finance is therefore crucial for supporting these countries in financing measures promoting climate protection and adaptation to the effects of climate change", explain Sabine Gaber and Michael Wancata, members of OeEB's executive board, on the occasion of the UN Climate Change Conference in Katowice.
OeEB has been contributing to sustainable growth and economic development worldwide for ten years. In doing so, one of its main strategic goals is to promote renewable energy and energy efficiency in developing countries. More than 40% of OeEB's project portfolio is dedicated to climate-friendly projects. In total, OeEB has provided EUR 590 million for climate-friendly projects since its foundation in 2008.
Climate protection and development need to go hand in hand
"Access to energy is a precondition for economic development. More than one billion people still does not have access to electricity. At the same time, energy demand is still increasing - especially in developing and emerging countries," explain Sabine Gaber and Michael Wancata, members of OeEB's executive board. "In order to achieve sustainable development which balances growth and climate protection, it is crucial to focus on renewable energy from the beginning. This not only helps decrease power shortage but also reduces dependence on imported fossil fuels which contributes to climate protection."
Financing for renewable energy and energy efficiency projects
In 2017, OeEB e.g. provided financing for the construction of a wind-farm in India and the world's largest solar-farm in Egypt and invested in private equity funds which promote renewable energy in Africa. In addition, OeEB financed energy efficiency measures via loans provided to local banks and businesses. Via its Business Advisory Services, OeEB supported financial institutions in implementing green finance products and increasing know-how regarding environmental and social standards.
"Promoting clean energy and contributing to climate protection, as targeted in Sustainable Development Goals 7 and 13, will continue to be a main focus of our work. With our services and know-how we can contribute to reaching Austria’s climate finance goals efficiently and effectively and aim to remain Austria's largest contributor to international climate finance," explain Gaber and Wancata.
More information about OeEB’s projects is available here.