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Home » The EIB has further to go to become the ?EU Climate Bank?

The EIB has further to go to become the ?EU Climate Bank?

The EIB has further to go to become the “EU Climate Bank”

The European Investment Bank (EIB) announced its plan to become the “EU Climate Bank” to much fanfare at the end of 2019.

The turning point was the approval of an energy policy phasing out support to fossil fuels and the commitment that all EIB operations would be aligned with the objectives of the Paris Agreement by the end of 2020.

This step was historic. Now it is time for the EIB to deliver.

At the moment, the EIB is still heavily supporting projects at odds with its climate commitments. During the period 2016-2019, the EIB financed high-carbon operations worth €28.7 billion in the energy and transport sectors.

As revealed in a report published today by Counter Balance, the EIB provided more than €4 billion in loans for the expansion of airports, €10.65 billion to construct or expand roads, highways and motorways, and €2.83 billion in investments for the maritime sector, including for ships fuelled with fossil gas.

In the energy sector, despite the planned ban on fossil fuels, loopholes remain in the EIB policy that allow the bank to continue supporting nuclear energy and fossil fuel infrastructure. For example, in mid-June, the bank approved loans for two new gas projects: a controversial gas terminal in Cyprus and a pipeline between Bulgaria and Serbia.

Over 30 NGOs stood on their hind legs when they discovered that, as part of its climate roadmap, the EIB is still considering major investments in airports and motorways.

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