News / 18 november 2019

European Investment Bank goes fossilfree

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.

Message to the financial sector: fossil fuels are becoming less profitable

This decision by the EIB, which is the world's biggest public investment bank, is a clear message to other banks. The EIB expects fossil fuel projects to become less financially attractive. That is good news for the climate. Divesting from fossil fuels has been the aim of a long campaign by European climate groups.

Both ENDS, together with Counterbalance, has called for cancelling EIB-support to gas infrastructure in the Netherlands, such as a new LPG-terminal in the harbor of Rotterdam. And during the public consultations of the EIB on their energy strategy, Both ENDS has talked to the Dutch government and the Dutch EIB-representative together with Greenpeace Netherlands.

EIB wants to become a climate bank

The EIB is ow working on its new climate policy. Both ENDS, together with Counterbalance and other European organisations, will give input on the current proposal. The bank claims it wants to be a climate bank, but an increase of climate-friendly investments does not necessarily lead to less greenhouse gas emissions. Also, financing of renewable energy projects such as hydrodams can have negative impacts on the environment.

Setting an example for other banks

The EIB has taken an important step that other multilateral and national development banks should copy. Both ENDS will continue its efforts to stop all public invesments in the fossil fuel sector. We will take action on this issue with our global partner network and stimulate banks like FMO, the World Bank and the AIIB to implement strong policies to phase out fossil fuels such as coal, oil and gas.

For more information

Read more about this subject