In a new study launched recently, Professor Mariana Mazzucato, director of the Institute for Innovation and Public Purpose at University College London (UCL), and Dr Olga Mikheeva explore how the EIB and its technical and financial advisory services can support innovation and green growth and actively contribute to the future implementation of the new EU Missions.
The authors examine the EIB activities in the Circular Economy as a case study to explore the Bank’s role in such frameworks. They find that the successful deployment of various finance and advisory tools in facilitating the circular transition in Europe empowers the EIB to develop and implement missions. By building up a strategic knowledge base, the EIB’s advisory services and in particular the joint EC-EIB InnovFin Advisory programme – soon to be integrated in the upcoming InvestEU Advisory Hub structure – can play a catalyst role in ‘changing agent’ in new thematic areas.
The authors recommend the EIB to build on its in-house financial and analytical expertise, to utilise EIB/InnovFin Advisory, ecosystem-building and coordination among national and regional mission-relevant actors for knowledge creation, and to promote higher risk-taking through existing risk-sharing mechanisms (e.g. EFSI, InnovFin) as well as suitable long-term financial instruments.