The Fossil Free EIB campaign has written a letter to the Board of Directors at the European Investment Bank (EIB) as part of the 2023 Board Seminar with Civil Society. The letter outlines how the bank can become truly aligned with the Paris Agreement, end any negative impact it has on the climate and provide sufficient lending on affordable terms towards a socially just transition.
The Fossil Free EIB campaign expressed their satisfaction that no new investments in fossil fuel projects have been identified as of the beginning of 2022. However, lax climate criteria for companies and intermediaries who lend from the bank, the EIB’s support for hydrogen, the environmental and social impact of transport investments and the genuine additionality of the bank’s financing of renewables are all causes for concern.
Civil society organisations signing the letter asked the EIB to address these issues when carrying out the mid-term review of the bank’s Climate Bank Roadmap this year.