In an open letter published today, on the eve of an EIB stakeholder meeting, 34 organisations, including Greenpeace, call on the bank to align its lending and client portfolios with global climate commitments.
The European Investment Bank (EIB), the lending arm of the EU and the biggest multilateral financial lender in the world, claims to be a ‘climate bank’. Last year, the bank announced it would phase out funding of fossil fuels projects by 2021, as part of its energy lending policy review. However, a number of loopholes could allow continued funding for gas infrastructure, undermining EU climate commitments.
The bank is now developing its Climate Bank Roadmap 2021-2025, which is meant to align all its operations with the Paris climate agreement by the end of 2020 and to step up its sustainable lending. But an EIB preparatory paper, which will be discussed at a stakeholder meeting on 25 June, suggests lending for road and airport expansion could continue, highlighting major inconsistencies in the bank’s approach.
Greenpeace and 33 organisations have written to Werner Hoyer, the president of the EIB, to urge the bank to stay true to its commitment to become a climate leader and support a green and just post-covid recovery.
The letter can be found here.
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