We convinced the European Investment Bank (EIB) that fossil-free is the way, but the battle isn't over yet!
Thanks to the efforts of restless campaigners and activists from all over Europe and beyond, we did it! We convinced the European Investment Bank (EIB) that fossil-free is the way and the bank published a proposal for its new energy policy to phase out support to fossil fuels by 2020.
Now… the battle isn’t over just yet! This ambitious move by the bank needs to be endorsed by the member states that make up its decision boards, and it looks like there could be more than one hurdle to that.
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Xavier Sol, Director of Counter Balance, said:
“The EIB’s proposed new policy to stop funding all fossil fuel projects is timely and welcome. It’s long past time to end support to fossil fuels. This is a concrete step forward to align the financial arm of the EU with the objectives of the Paris agreement and adopt an overarching ambitious climate strategy. The EIB’s move should provide leadership to other multilateral lenders. The EIB shareholders should now endorse this proposal and concentrate the bank’s resources on the urgent climate challenges already with us.”
“The bank must also ensure that there are no significant loopholes to ensure that it does not continue to fund fossil fuels by the back door – for example through financial intermediaries like commercial banks and investment funds or through support to fossil fuel heavy companies. Another risk lies with the room left for the EIB to support the production of ‘low carbon gases’. This should not become a disguised subsidy for the fossil gas industry, and support to new forms of gas must be based on a realistic assessment of their potential contribution to the energy system and of their climate benefit.”
Find out more on the Counter Balance website.