EIB

The EIB Group has organised a second round of stakeholder consultation in order to collect more inputs regarding the Bank’s ambition to become the EU’s first Climate Bank.

The European Investment Bank (EIB) has declared its ambition to become the EU’s first Climate Bank. It will restructure its financial services for climate and environmental projects and will align all its financial operations in accordance with the Paris Agreement.

The European Investment Bank is the largest public development bank, providing financing to a wide array of projects, notably in the energy sector. Yesterday, the EIB reached an agreement that it would stop providing funding to fossil fuel projects from 2022 owards.

The European Investment Bank is currently in the process of drafting its updated energy lending policy. As the European Union is progressing towards decarbonisation, and the 2050 horizon is nearing quickly, EGEC joined other industry associations and think tanks to call for the EIB to promptly stop funding fossil fuel projects.

The EIB’s energy lending criteria are the set of rules, revised regularly, which the Bank sets for its activities to be compliant with the European Union’s policy objectives.