Prime Minister of Bhutan Dr Lotay Tshering today made his first visit to Luxembourg headquarters of the European Investment Bank (EIB), the world’s largest multilateral bank and leading global financier of renewable energy.
The working visit provided an opportunity to discuss possible EIB financial and technical support for new solar and hydropower generation projects in the country and to explore potential future EIB support for investment to scale up renewable energy, reduce energy use and cut carbon emissions, improve sustainable urban transport and adapt infrastructure to a changing climate.
PM Tshering said: “Bhutan is highly vulnerable to the impact of climate change and committed to scaling up energy access without increasing carbon emissions.
“Today’s fruitful discussions with experts at the European Investment Bank, a global leader in climate finance, will help to unlock renewable energy projects across Bhutan in the years ahead.
“The European Investment Bank works with partners across Asia and around the world to accelerate green energy, reduce carbon emissions and adapt to a changing climate.”
The EIB welcomed Prime Minister Tshering on this historic visit to its headquarters and congratulated Bhutan on graduation from a Least Developed Country following successful completion of the UN criteria, according to EIB Vice President Kris Peeters.
Peeters added: “Today’s discussions further strengthen our close cooperation with Bhutan and we look forward to supporting transformational sustainable investment in Bhutan in the years ahead.”
Peeters, responsible for South Asia at EIB, welcomed Prime Minister Tshering, Foreign Secretary Choden and colleagues from the Royal Bhutanese Embassy in Brussels and confirmed the EIB’s ability to provide competitive long-term financing for climate action and infrastructure investment in Bhutan.
The visit follows the signature and ratification of the Framework Agreement between the European Investment Bank and the Royal Government of Bhutan in January 2022 and the meeting between Prime Minister Tshering and European Investment Bank experts at the United Nations LDC summit in Doha earlier this month.
Prime Minister Tshering is currently visiting Europe and in recent days discussed renewable energy investment with the German Chancellor and other European leaders.
Over the last five years the European Investment Bank has provided more than 45 billion Euros of high-impact energy investment around the world and since 2018 the EIB has provided more than 5.2 billion Euros for climate action investment across Asia.