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15.09.2020
- Around half a billion euros is currently invested in climate-relevant projects
- Four million people in developing countries have gained access to clean energy through OeEB-financed projects
- OeEB is once again partner of the Austrian World Summit which will take place on September 17, 2020 in Vienna
Developing countries are disproportionately affected by climate change. Heat, droughts and water shortages hamper economic development and the way out of poverty for many people. International climate finance is essential in order to support developing countries in the fight against climate change. Therefore, OeEB aims to invest an average of 40% of its new business in climate-related projects over the next five years. These include projects in the fields of solar, wind and hydro energy as well as energy efficiency.
No economic growth without energy
More than a billion people worldwide still live without electricity. "In Sub-Saharan Africa alone, only one third of the population has access to energy", explain Sabine Gaber and Michael Wancata, members of OeEB's Executive Board. "Together with other development banks, we provide financing for the implementation of the world's largest solar park - the Benban Solar Park in Egypt. The Nubian Suns programme co-financed by OeEB, is to produce electricity for 350,000 households. At the same time, we also finance innovative, off-grid solar solutions, ranging from simple solar lamps to stand-alone mini-grids that provide access to electricity, especially in rural regions."
OeEB is Austria's largest provider of international climate finance
"Despite the current Covid crisis, the issue of climate protection must not be forgotten. Fighting climate change remains a major challenge. Promoting clean energy and making a positive contribution to climate protection will therefore continue to be a central focus of our work", emphasise Gaber and Wancata.
On behalf of the Austrian Federal Ministry of Finance, OeEB provides long-term financing and equity participations which contribute to sustainable growth and economic development. In addition to financing micro, small and medium-sized enterprises and private infrastructure projects in developing and emerging countries, OeEB is primarily focused on financing projects in the field of renewable energy. This makes OeEB the largest Austrian provider of international climate finance and secures Austria's contribution to the Paris Climate Agreement.
OeEB is once again partner of the Austrian World Summit
OeEB's Executive Board is convinced: "Climate change is a challenge that cannot be met solely with public funds. In order to limit global warming, it is necessary to bring together all players from the political, economic and financial worlds."
In line with the motto "Be Part of the Solution", OeEB is once again partner of the Austrian World Summit which will take place in Vienna on September 17, 2020 and provides one of the largest international platforms for discussing and finding solutions to the global climate crisis.
About OeEB
Oesterreichische Entwicklungsbank AG (OeEB) has been operating as the Development Bank of Austria since March 2008. It specialises in the provision of long-term finance for the implementation of private sector projects in developing countries which create sustainable development. Additionally, OeEB provides technical assistance, which can be used to enhance the developmental impact of projects.