Newsletter March 2021

Dear reader,

We hope that the year 2021 has been off to a good start and that there is some light at the end of the tunnel. On our side, we will keep on working to make sure that EU public finance works for a future that is brighter, greener and more just.

Following up on the European Investment Bank (EIB) recently approved Climate Bank Roadmap, we've been continuing to lead strong civil society campaigns to make sure that the EIB upholds its climate commitments and improves on transparency and the promotion of human rights.

Perhaps more than ever before, this year has reminded us the need to redirect public finance towards a more socially and environmentally equitable future.

Our 2020 Activity Report collects the highlights from our network of organisations across Europe and our Brussels office – including major victories on a fossil-free European Investment Bank, as well as detailed financial information for 2020.

We are excited to share with you our member Debt Observatory in Globalisation (ODG) new book “Green deals in a time of pandemics - the future will be contested now”.

The book provides an in depth analysis of the economic policies and instruments underpinning the European Green Deal and the challenges arising from it. It also pays tribute to the work of many collectives and movements that have conceptualised “green deals” as alternatives to the mainstream economic discourses.

“Green deals in a time of pandemics” is an invitation to come together in these difficult times, united by the conviction that, in this crucial decade, we should be prepared to be much more than mere spectators of the future to come.

At the occasion of the EIB annual dialogue with civil society which took place in January, 47 organisations sent a letter to the EIB to remind it of its commitment to align with the Paris Agreement. While the Climate Bank Roadmap adopted by the EIB last November is a first step forward, it still falls short of ensuring that the Bank will deliver on its promises.

The EIB still has a long way to go when it comes to making sure its lending does not contribute to human rights violation. At the occasion of the EIB meeting with civil society, 16 organisations sent a letter to call on the EIB Directors to guarantee the prioritisation of human rights in all the Bank’s operations.

The letter outlines key recommendations for the EIB to take steps in light of the upcoming review of its environmental and social standards.

Plans for building pipelines and drilling for gas in the Eastern Mediterranean are currently developing at an extreme pace, and risk creating severe geopolitical tensions in the region.

In Cyprus, the EIB recently signed a loan for the so-called “CyprusGas2EU” project which includes the construction of Liquefied Natural Gas (LNG) import, regasification, storage and pipeline infrastructure. With this project, the EIB will end up locking Cyprus into a fossil gas future for the next foreseeable decades.

With science showing that fossil fuels should stay in the ground, it is crucial to put an end to political and financial support to new gas projects.

Our podcast hosted jointly with Corporate Europe Observatory (CEO) is still going well and strong.

In our latest episode we dive into one of the biggest examples of ‘cognitive dissonance’ in recent history. Every European policymaker knows by now that fossil fuels should stay in the ground, but yet they keep defending the EU’s membership of a treaty that defends fossil fuel investments: the Energy Charter Treaty (ECT).

Pia Eberhardt, campaigner and expert on international trade from CEO, talks us through the ins and outs of this strange creature and explains why the EU needs to withdraw from the ECT.

Sit back and listen by clicking below or find us on Spotify, iTunes & Soundcloud.

[INTERNATIONAL]

• ENGLISH - 'Not quite over yet, EIB spent €890 million on fossil gas during phaseout activists say' - Euractiv (04/03/2021)
• ENGLISH - 'European Investment Bank loses landmark case on green scrutiny' - Euractiv (28/01/2021)
• ENGLISH - 'Climate leaders celebrate as European Investment Bank chief declares Gas is over' - Ecowatch (22/01/2021)
• ENGLISH - 'Gas is over, EU Bank Chief says' - Euractiv (21/01/2021)
• ENGLISH - 'Geothermal development in Kenya: the good, the bad and the ugly' - The Elephant (04/12/2020)

[UK]

• ENGLISH - 'UK donations to environmental causes reaches £250 million in 2020' - The Guardian (24/12/2020)

[LUXEMBOURG]

• ENGLISH - https://www.brennpunkt.lu/wp-content/uploads/2021/02/BP312_web.pdf - Brennpunkt (02/02/2021)