Today marks the final deadline for contributions to the European Investment Bank’s (EIB) stakeholder engagement on its Climate Bank Roadmap 2021-2025. In light of this, E3G has launched a report outlining what the EIB needs to do to become the world’s first climate bank.
E3G’s report represents one of the most comprehensive examinations of what is meant by the general concept of a “climate bank”. The report goes on to examine what transformative climate policy ambitions the EIB should support as the world’s largest multilateral development bank.
Sonia Dunlop, Senior Policy Adviser on International Financial Institutions at E3G said:
“The EIB needs to dig deep in transforming itself into a real climate bank. This is not just a regular EIB strategy– this is a fundamental re-wiring of how the EIB functions as a bank, from operations to HR, from industry to innovation.”
“The EIB’s Climate Bank project has to be delivered quickly and decisively – we are already five years on from the Paris Agreement, and we are running out of time. EIB has to decide now what path it is going to take on lending.”
Iskander Erzini Vernoit, Policy Adviser on Sustainable Finance at E3G said:
“The world urgently needs more climate banks – public banks that aim to be transformational toward delivery of climate policy goals. The EIB is the world’s largest multilateral bank, but also the first big bank to undergo a formal process consolidating its aspiration of being a climate bank. Let’s hope the EIB sets a shining example to others around the world about the benefits and requirements of a climate bank.”