Greens welcome beginning of the end of public funding for fossil investments

Molly has welcomed moves by the largest public bank in the world towards ending all funding for fossil fuels. The European Investment Bank (EIB) announced last night that it would end lending to new gas projects by the end of 2021, having already curtailed funding for coal and oil. The bank has instead pledged €1 trillion towards climate action over the next ten years.   

Molly has long called for the EIB to transition to a climate bank, most recently coordinating a letter signed by Greens/EFA colleagues in July 2019 calling on the bank to shift its support from large-scale infrastructure to small-scale renewable energy projects and community cooperatives.

Molly said:

“This marks the beginning of the end of public funding for fossil investments by the EU’s largest bank. Greens have been highly critical of decisions by the EIB to invest in gas pipelines. Our repeated pressure is paying off and the bank is now on course to become a genuine climate bank.

“While a hugely significant step forward the battle isn’t over. The climate crisis requires an immediate end to the funding of all fossil fuel infrastructure and the EIB must now review other lending policies that contribute to the climate crisis such as transport.

“While the EU is forging ahead, shaping a European economy that tackles the climate emergency, the UK is in deadlock over Brexit. Funds from the EIB will be essential for the UK renewables sector, which will be a key driver of the Green New Deal that will bring opportunities and thousands of new jobs to regions like the South West of England. The UK should now match the ambitions of the EU by establishing a domestic public bank to fund the transition to a sustainable economy.”