Ahead of the European Investment Bank’s annual meeting with civil society, Counter Balance and six other organisations have sent a letter to the EIB’s Board of Directors on its de-risking policy. The EIB claims to de-risk projects around Europe which would not have happened without the EIB. It provides financial support obscure mechanisms with very little oversight possible from citizens, journalists and elected representatives.
Public lending must be aligned with social and environmental objectives, prioritising an immediate and just transition over guaranteeing returns on investment for the private sector.
These concerns become even more pressing as European leaders are discussing the next European budget and want to increase de-risking instruments like the InvestEU fund in the next European budget.
Among our demands, we call on the EIB to:
- Support only projects that would not have happened otherwise.
- Keep de-risking fully transparent and accountable. With participation from impacted communities, workers and elected representatives.
- Hold all de-risking activities to the highest standards
- Finance green public services as a top priority over financing multinationals who reward shareholders rather than reinvest their profits
- Pause its current de-risking policy to have a real sense of its current impacts on people and the planet
