EIB wants to stop fossil investments: big step in the right direction
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.
Public investments in fossil fuels go against the Paris Agreement. Therefore, European civil society organisations like Both ENDS have campaigned for a Fossil Free EIB in the run-up to this new investment policy. We think that public institutions like the EIB have to take a leading role in the transition to clean economies.
Also in the Netherlands, Both ENDS is continuously advocating for fossil free investments of institutions such as the Dutch development bank FMO, export credit agency Atradius DSB and pension fund ABP. We are pleased to notice that the Dutch government has taken up a progressive position regarding the EIB's investment policy, and even turned skeptical towards gas-related investments. We hope that other public institutions will follow the good example of the EIB.
Critical detail: not all use of gas excluded
The new energy investment policy is promising, but not yet perfect. The bank doesn't exclude the use of gas completely, for example for the production of hydrogen or new gas plants with combined heat and power. Biomass and hydropower dams continue to be a worry as well. But the bank is very clear in their position to step out of oil, gas and coal: from mining to infrastructure and energy production.
Member States need to follow suit
The battle is not yet over. The draft policy has to be approved by the EU member states' Ministers of Finance in September. Together with our partners, we will keep on exerting pressure to prevent a weakening of this policy, for example by member states whose economies are still largely relying on coal, oil and gas.
Our partner Oil Change International has shared a petition to call the shareholders of the EIB to support the new draft policy. You can sign it here.
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