European Climate Action Commissioner Connie Hedegaard and the European Investment Bank Monday agreed to explore a joint climate finance initiative for developing countries as part of EU commitments made at last year's Copenhagen conference.

The plan is to combine European Commission and member states' grants with financing from the EIB and other European financial institutions, said EIB vice president Simon Brooks.

Securing climate finance for developing countries will be vital in reaching and implementing an international agreement to limit emissions of greenhouse gases.

"Financial institutions such as the EIB, together with the private sector, will play a key role in helping the EU deliver on its emission commitments as well as on mobilizing the financial flows needed for mitigation and adaptation to climate change in developing countries," said Hedegaard.

The commission and EIB are already cooperating on the implementation of the Global Energy Efficiency and Renewable Energy Fund, which has already provided finance to renewable energy funds in Southern Africa and Asia .

Last year, the EIB lent almost EUR17 billion in support of Europe 's climate goals, including loans to renewable energy projects in Egypt , Kenya , Turkey and Vanuatu .

This year, the EIB expects its lending outside the EU to support around EUR2.5 billion investments in renewables and will consider further developing its portfolio of carbon funds with other financial institutions.

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