New Delhi, Sep 2 (IANS): The European Investment Bank (EIB) Group has created a Climate and Environment Advisory Council that will provide independent advice and expertise on the activities that it is carrying out to reach its climate action and environmental sustainability ambitions.

The Advisory Council met for the first time on Wednesday and discussed the EIB Group Climate Bank Roadmap and in particular, EIB activities to support adaptation to the impacts of climate change and the EIB Group Paris Alignment for Counterparties framework.

The meeting was chaired by Christine Lagarde, President of the European Central Bank, and included the founding members of the Advisory Council.

The EIB Group Climate Bank Roadmap sets out in detail how it aims to support the objectives of the European Green Deal and sustainable development outside the European Union.

EIB President Werner Hoyer said: "Climate change remains the decisive challenge of our time and requires a rapid global response. The EIB Group is preparing a strong contribution for the COP26 climate conference in Glasgow in November.

"I am thrilled that we can now count on a group of top world leaders to assist us in strengthening our role as the EU climate bank. I want to thank all the Advisory Council members and express special gratitude to Christine Lagarde for accepting to chair this highly distinguished group."

Lagarde stated: "Climate change is one of the greatest challenges faced by mankind this century. It is an honour to chair this council and work with this distinguished group of leaders to advise the EIB Group on its climate and sustainability ambitions."

Ambroise Fayolle, Vice-President of the EIB, commented: "We are delighted that we are joined by outstanding experts and leaders from whose skills, diverse experience and backgrounds, and knowledge we will greatly benefit in our role as the EU climate bank.

"We look forward to working with them to help us accelerate and scale up the transition to a low-carbon and climate resilient future, one that will leave no one behind."

EIB is the long-term lending institution of the European Union and is owned by the EU Member States.