"If it is the fossil fuel-based ‘real economy’ that is driving us toward catastrophic climate change, it is the financial world behind the steering wheel." Therefore in 2019, Both ENDS worked towards fossil free investments by both individuals and public institutions such as the European Investment Bank (EIB).
On Thursday November 7th, a group of European NGO's including Both ENDS, sent a letter to Vice-President of the EU Frans Timmermans, in which they ask him to support the phase out of European Investment Bank’s fossil fuel financing by the end of 2020.
Good news for the climate: last week, the European Investment Bank (EIB) decided to stop investing in fossil fuels by 2021. This is part of its new energy strategy.
The European Investment Bank (EIB) has published its new policy for energy investments. In the new draft policy, the bank states to stop investing in fossil fuel related projects from 2020. This is good news for the climate, so Both ENDS and partners are happy with this draft policy. The shareholders of the bank, the member states of the European Union, still have to approve it.
The European Investment Bank EIB should get rid of its gas-investments, and the Netherlands can take the lead in this. The Netherlands appears to be relying less and less on gas in its energy policy, and also seems to focus on gas-free investments at the EIB. Now it is important to maintain this position and also convince the other EU countries.
The European Investment Bank (EIB) has announced a worrying change in their policy on transparency. One of the changes would result in EU citizens no longer being able to access internal EIB documents, even if they are of public interest. Several campaigners, including Both ENDS’ Pieter Jansen, have therefore urged the the Dutch Minister of Finance Jeroen Dijsselbloem to speak out against these plans on the next board meeting on September 16th.
For a moment it appeared that the European Investment Bank (EIB) decided to stop investments in coal fired power plants. The bank even seemed to have issued a press release on the matter. But, unfortunately, the message was not real. During the annual press conference of the bank the activists, who were the source of the fake press release, stroke again. In the name of ‘the citizens of Europe’, EIB president Werner Hoyer was awarded with the ‘World Coal Down Award’. Hoyer, who was confused for a second, did not accept the award. The EIB fiercely denied the rumors surrounding the investment stop on coal with the term 'pure nonsense'.
The European Investment Bank (EIB) disbursed an additional EUR 40 million for the Bujagali dam in Uganda while complaints from the local communities are still waiting for a response. The dam is controversial because of its tremendous social and environmental impact. "By neglecting its own complaint mechanism, the EIB proves that its policy is nothing more than a green washing machine", several civil society organisations state.