Climate Justice • 14 Oct 2024
Joint letter on transparency and accountability in EIB's critical raw materials financing
Back to overview22 civil society organisations are expressing serious concerns about the European Investment Bank's (EIB) financing of critical raw materials projects. In recent years, the EIB has announced its support for the EU’s Green Deal Industrial Plan and the Critical Raw Materials Act (CRMA), broadening its scope to include the extraction, processing, and recycling of critical raw materials.
Despite entering into partnerships with countries like Rwanda, the EIB has a troubling history with mining projects that have resulted in human rights violations and environmental harm. Notable examples include the Mopani Copper Mine in Zambia and the Ambatovy Nickel Mine in Madagascar, both of which failed to deliver benefits to local communities and created significant social tensions.
In this letter, together with 22 partners, we urge the EIB to ensure transparency and accountability in its critical raw materials financing. Currently, the Bank falls short compared to other multilateral development banks regarding human rights due diligence, transparency, and independent monitoring. The letter advocates for meaningful public participation, enhanced environmental and social assessments, and stronger mechanisms for addressing grievances.
We urge the development of a comprehensive strategy that prioritises sustainability and local communities’ needs. Investments should not benefit only a few large corporations, but instead focus on projects that provide significant social, environmental, and developmental benefits.