The European Investment Bank supports the REPowerEU plan and plans to invest an extra €30 billion into the energy sector in the next five years. This means their investments in the energy sector will go from €10 to €16 billion annually. The investments will be directed to "renewables, energy efficiency, grids and storage, electric-vehicle charging infrastructure, and breakthrough technologies, such as low-carbon hydrogen." While, in part, this seems like a positive contribution from the EIB to tackle our combined energy and climate crises, beneath the surface the bank is backtracking on its commitment to become a climate bank.
The EIB is cancelling the PATH framework for all renewable energy projects and electric-vehicle charging infrastructure inside the EU until 2027. Companies can now increase their oil production or engage in the most polluting forms of fossil fuel production, such as extracting oil from tar sands, drilling near the North Pole or producing shale gas and still be eligible for financing.
