EU climate bank ramps up sustainability agenda: Lara Tassan Zanin (EIB) joins Environmental & Sustainability Summit 2023

Lara Tassan Zanin, head of the EIB Group Office in Romania, will be a speaker in Panel 1 of Day 1 at the Environmental & Sustainability Summit 2023. The event, hosted at The Marmorosch Bucharest, Autograph Collection, will take place on October 4-5 and will approach important topics such as sustainable food and water consumption, eco-communities, renewable energy sources, and circular economy.

Lara Tassan Zanin is an experienced professional with 20+ years of experience in banking, economics and engineering. Throughout her career, she has delivered significant tangible results across a broad geographical spectrum of emerging markets, working for national and international financial organisations and covering both institutional and operational roles. As head of the EIB Group Office in Romania, Zanin is committed to dedicating at least 50% of the organisation’s financing to climate action and environmental sustainability by 2025.

EU climate bank ramps up sustainability agenda

In anticipation to BR’s #ESS 2023, Lara Tassan Zanin, head of the EIB Group Office in Romania, sat down with Business Review to talk about the lender’s approach to sustainability both in Romania as well as across the EU.

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Can you share some specific initiatives or projects that your organisation has undertaken to reduce its environmental footprint and promote sustainability?

One of the European Investment Bank Group’s key initiatives has been the commitment to align all our financing activities with the goals of the Paris Agreement of 2020. As the bank of the European Union and “the EU’s climate bank,” we are reaffirming our strong commitment to playing a leading role in mobilising the finance needed to achieve the sustainable growth goals set in this global agreement.

According to the EIB Group Sustainability report of 2022, the EIB Group has supported EUR 222 billion in green investments since 2021, getting closer to its target of EUR 1 trillion in climate action and environmental sustainability investments by 2030. The EIB financed such initiatives to the tune of EUR 36.6 billion in 2022, getting on track to dedicating half of its financing to green projects. The European Investment Fund, which is part of the EIB Group, committed EUR 9.2 billion to small businesses and climate and infrastructure projects in 2022.

Indeed, the EIB Group is committed to dedicating at least 50% of its financing to climate action and environmental sustainability by 2025. For instance, the EIB has financed the retrofitting of several public buildings in Bucharest, significantly reducing their energy consumption and CO2 emissions. In 2012, 2013, and then 2022, the EIB funded Bucharest Sector 2’s thermal rehabilitation programmes to improve energy efficiency in residential buildings.

In September 2022, Autonom received EUR 15 million in EIB backing to increase its electric and hybrid car fleet, marking the first EIB support for green business transport in Romania and the first EIB financing for the Autonom Group. This enabled Romania’s largest mobility service provider to acquire almost 900 electric and hybrid vehicles, cut emissions, and reduce pollution and noise from business vehicles, while its low carbon vehicle leasing continues to help business users save money and reduce their own carbon emissions. And examples can go on, with projects in renewable energy, energy efficiency, sustainable transport, water and sanitation, forestation, agriculture, etc.

How does the EIB Group integrate sustainability practices into its core business operations and corporate culture?

We have Environmental, Social, and Governance (ESG) criteria that we apply in our evaluation of potential investments and operations. Our ESG standards not only assess the environmental and social impact of the projects we finance, but they are also utilised to review the governance practices of our partners. Secondly, we incorporate sustainability into our everyday work: from tight restrictions on the use of plastic to energy-saving measures in our offices. To make sure that sustainability remains a priority, we provide regular training and seminars to employees, sharing the latest developments and ensuring their understanding of the relevance and importance of sustainable practices. We also have an EIB Green Staff group of like-minded colleagues who dedicate their free time to promoting and pursuing more sustainable practices.

Could you highlight any strategic collaborations your organisation has engaged in to address environmental and sustainability challenges?

In Romania, we have partnered up with the Environment Ministry to initiate a large-scale afforestation project. We began this project in response to the fact that Romania has one of the lowest ratios of forest per hectare in the European Union. This initiative has had a significant positive impact not only on the environment, by absorbing tonnes of CO2, but also socio-economically, as it has provided jobs in regions that were formerly affected by high levels of unemployment. In 2023, marking another first in Romania, we have supported a private sector company with a EUR 9 million loan for afforestation and forest management investment.

Financial resources are key to ensuring sustainability targets, and the EIB was the issuer of the first green bond on the capital market, as early as 15 years ago. In 2023, the market for Green Social and Sustainability bonds amounted to EUR 2.2 trillion, and we are proud to have enabled it.

Don’t miss the opportunity to hear Lara Tassan Zanin and other industry experts at the Environmental & Sustainability Summit 2023. Join us at The Marmorosch Bucharest, Autograph Collection, on October 4-5, and take an inside look at what the top speaking guests have to say about creating a new normality through sustainable means.