In a joint briefing sent to the Directors of the European Investment Bank (EIB), 14 environmental groups call on the EU bank to align its energy financing with the Paris Agreement.
In 2018, the European Investment Bank will review its Energy Lending Criteria, which offers the bank the opportunity to catch up with rapid developments in the clean energy transition, the global policy framework on climate change and simultaneously to lead the multilateral development banks into the next generation of energy financing.
To this end, it needs to shift its funds: from funding fossil fuels to stepping up finance for renewable energy and energy efficiency projects, in particular small-scale and people-owned and controlled, decentralized projects.
Therefore, NGOs issued a key set of recommendations, including reducing the risk of locking in a fossil fuel future by explicitly committing to end any kind of finance to fossil fuel energy projects, and putting energy efficiency first and scaling up renewable energy financing.
See the document below.