Climate Justice • 15 Dec 2020
The EIB as EU Climate Bank:Back to overview
Only halfway there
In November 2019, the transformation of the EIB into the ‘EU Climate Bank’ was greenlighted by its shareholders when they took the following commitments:
- Unlocking €1 trillion of climate and environmental investments until 2030
- At least 50% of the EIB's financing will be dedicated to climate and environmental sustainability by 2025
- By the end of 2020, the EIB will align all its financing activities with the goals of the Paris Agreement
The EIB has since then placed itself at the center of the future European Green Deal and its financial pillar, the Sustainable Europe Investment Plan. The bank is also tasked to play a flagship role under the EU’s economic response to the COVID-19 crisis.
In 2020, the EIB began the creation of its Climate Bank Roadmap 2021-2025, the key document guiding its transformation into the ‘EU Climate Bank’. After a public consultation process, the new Roadmap was ultimately approved by the EIB shareholders on 11th November 2020. This briefing provides a brief analysis of the main strengths and weaknesses of this Roadmap.