Letter urges EIB board of directors to amend the EIB's draft climate strategy

The EIB’s Climate Strategy represents a unique opportunity to ensure full policy coherence between the operations of the EIB and EU climate objectives, to support the EU transition to a low carbon and resource efficient economy and to enhance the credibility of the EIB and EU in fighting against climate change – ahead of the international climate negotiations in Paris.

However, we believe the draft strategy that was launched by the EIB in August 2015 does not constitute a fully-fledged strategy: it lacks strong and measurable objectives, relevant action plans and clear implementation timelines to support those objectives. Moreover, the document does not present any new significant commitment to scale up financing for 2030 climate and energy targets, Energy Union goals and national energy efficiency and renewable energy action plans.

With that in mind we addressed the EIB directors, urging them to amend the draft strategy to make sure the EIB doesn’t miss the opportunity to make sure it investments are coherent with EU climate policies and commitments.

Concretely we ask substantial amendments in the following areas:

1. Energy efficiency first principle
2. Climate action target
3. Review of the EIB’s emission performance standard