The evidence for global warming is now widely accepted, and the arguments for urgent action to reduce greenhouse gas emissions have been extensively and convincingly made. The favoured policy approach of cap and trade(or carbon trading) has proved worse than ineffectual. And yet the European Investment Bank (EIB) continues to fund a counter-productive and highly damaging policy of support for carbon trading through carbon funds totalling over half a billion euros.
This briefing provides an overview of the publicly documented involvement of the EIB in support of failing carbon markets. It is based on a report by the organisations Counter Balance and Campagna per la riforma della banca mondiale (CRBM) and in coordination with FERN.