Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-03-12-Speech-3-396"
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"en.20080312.25.3-396"2
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"Mr President, this will be a fund potentially of EUR 500 million, because it has a leverage factor of 3 to 5 on the private capital. The EUR 100 million, EUR 120 million or EUR 150 million of public money will be able to leverage – at least we hope – another EUR 300 million or EUR 400 million to make EUR 500 million. And we still have governments which can jump on board. If we have good monitoring, then Parliament will allow the Commission to go up.
Ms Jordan Cizelj raised a very important question: how prepared are certain regions of the world for investments? We in Parliament have voted an additional EUR 5 million from another budget line for institutional capacity building to frame this programme. So we need to build up small and medium-sized enterprises in African countries and in India, which will then develop business models. We have to learn from earlier errors in development policy where we just granted technology without considering that we also have to inform people about this technology. I am saying this in front of the Development Commissioner and we know that the Development DG is helping to raise the institutional capacities of these countries.
So what we need to do now – and, Commissioner, you are right – is reach out to investors. This Friday in Luxembourg, which is the second-biggest investment centre in the world, there will be a meeting of bankers. We will present to them a SICAV, a vehicle which is based in Luxembourg. I hope that the Commission will design a good communication strategy. Go to the City of London, go to Frankfurt, go to Paris, go to Zurich, because the bankers have to be informed about this vehicle.
Why is this important at this time? At the moment we are still under pressure from the Liechtenstein scandal and the subprime crisis. In several months we have destroyed hundreds of billions of capital. Greening finances may be an even more important task for this planet and policymakers than greening industry. This type of vehicle allows capital to go to the right investments. It may not have as high a return as certain speculative investments but it is a mid- and long-term investment and that is probably exactly what certain pension funds and others are looking for. So this fund also has huge opportunities to bring in institutional investors and that is what we should look for.
Thank you very much for your support for what I call the fan community of a renewable and better world."@en1
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