The board of the European Investment Bank (EIB) today agreed a new energy lending policy and confirmed the EIB’s increased ambition in climate action and environmental sustainability.
- The EIB will end financing for fossil fuel energy projects from the end of 2021
- Future financing will accelerate clean energy innovation, energy efficiency and renewables
- EIB Group financing will unlock EUR 1 trillion of climate action and environmental sustainable investment in the decade to 2030
- EIB Group will align all financing activities with the goals of the Paris Agreement from the end of 2020.
“Climate is the top issue on the political agenda of our time,” said EIB President Werner Hoyer. “Scientists estimate that we are currently heading for 3-4°C of temperature increase by the end of the century. If that happens, large portions of our planet will become uninhabitable, with disastrous consequences for people around the world. The EU bank has been Europe’s climate bank for many years. Today it has decided to make a quantum leap in its ambition. We will stop financing fossil fuels and we will launch the most ambitious climate investment strategy of any public financial institution anywhere.” Stressing the need for cooperation, he added: “I would like to thank the shareholders of the bank, the EU Member States, for their cooperation over the past months. We look forward to working closely with them and with the EU Council of Ministers, with the European Commission, the European Parliament, international and financial institutions and, crucially, with the private sector, to support a climate neutral European economy by 2050.”
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