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EU bank chief warns against ‘Colonialism 2.0’ as green transition progresses
(EurActiv, 21 Sep 2023) European Investment Bank (EIB) president Werner Hoyer highlighted the importance of climate action but warned of the risks of exploitation of the Global South during his speech at the Climate Ambition Summit at the 78th UN General Assembly.
The EIB chief underlined the necessity of ambitious climate action as a driving force for development in the coming years, and the role of renewables towards energy independence.
“Ambitious climate action is the great development accelerator for the years ahead: clean energy is now way cheaper, faster to deploy, and more reliable,” Hoyer said.
However, the development of clean energy should not come at the expense of the resource-rich South as the EU seeks to secure access to critical raw materials that are needed to manufacture things like batteries for electric vehicles or magnets used in wind turbines.
“It cannot be a one-way street. Climate action cannot become Colonialism 2.0,” Hoyer warned, speaking about the potential risks of an unfair deal with developing countries.
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EurActiv, 21 Sep 2023: EU bank chief warns against ‘Colonialism 2.0’ as green transition progresses
