European Investment Bank

Non-fossil to fossil energy ratio and scaling up climate investment in all sectors

This page is part of the E3G Public Bank Climate Tracker Matrix, our tool to help you assess the Paris alignment of public banks, MDBs and DFIs.

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Paris alignmentReasoning
Some progressIn 2016-18, for every $1 the EIB provided to fossil fuels, $2.7 went to renewables and $1.2 went to energy networks (transmission and distribution). This is expected to change over next few years due to the EIB’s new Energy Lending Policy.

Explanation

In 2016-18, for every $1 the European Investment Bank (EIB) provided to fossil fuels, $2.7 went to renewables and $1.2 went to energy networks (transmission and distribution).

It has provided the highest level of financing to clean energy and fossil fuels amongst the MDBs. It should be noted that in November 2019 the EIB committed to eliminating almost all fossil energy financing from 2021 onwards in its revised Energy Lending Policy, so this ratio should change over the next few years.

The EIB has a low percentage of adaptation financing in its portfolio.

Just over 20% of climate finance went towards energy efficiency at the EIB.

OECD (2018) OECD DAC Recipient Perspective – Climate Finance
Oil Change International (2018) Shift the Subsidies database
Joint Report on Multilateral Development Banks Climate Finance (2019,2018,2017,2016,2015,2014,2013)
EIB (2020) Climate Action figures for 2019, 2018, 2017 & 2016

Last Update: November 2020

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