A group of Green MEPs have written to the President of the European Investment Bank (EIB) demanding it ends its investments in fossil fuels and immediately shifts lending towards green energy and energy efficiency. The call comes as the bank reviews its Energy Lending Policy.
The EIB has publicly committed to align its portfolio with the Paris Agreement, but is still using public money to fund fossil fuel energy infrastructure. Notably, the bank lent €1.5 billion of financing to fund the gas energy infrastructure for the Trans Adriatic Pipe across Greece, Albania and Italy.
The MEPs are calling on the EIB to shift its support from large scale infrastructure to small-scale renewable energy projects and community cooperatives and implement processes to enable such projects to become eligible for EIB funding.
Molly, one of the Green MEPs who has signed the letter, said:
“The climate emergency demands an immediate end to the funding of fossil fuel infrastructure. As the world’s largest public bank, the EIB has a responsibility to ensure its energy lending policy meets the goals of the Paris Agreement and helps limit warming to the 1.5 degree target.
“The bank must use the opportunity presented through the review of its lending policy to become a global leader and international example of how to drive the transition towards a clean green economy and so reduce the risks associated with climate change.”