Press Release

EIB postpones fossil fuel phaseout decision

Luxembourg City, 15 October 2019

  • Today, members of the board of directors of the European Investment Bank (EIB) postponed a decision on the bank’s next energy lending policy until November 14th. 
  • Despite the urgency of the climate challenge and a new Commission vision of making EIB a climate bank, European leaders could not reach agreement. The draft proposal currently before the Board would entail phasing out fossil fuels by 2020.

Story

As the EU moves toward adopting a climate neutral 2050 goal and delivering a European Green Deal with larger emissions cuts by 2030, it is becoming increasingly clear that the EIB should phase out support for fossil fuels. Today’s postponement comes after eight months of review process, including months of public consultation and deliberation by experts at the EIB, and a commitment by the incoming Commission President, Ursula von der Leyen, to make the EIB a Climate Bank.

In the run-up to December’s COP25 in Chile,  the EU will need a strong decision regarding the EIB to inspire confidence in their climate action.

The EIB is the world’s largest multilateral development bank, and would be the first to adopt such a policy of fossil fuel phaseout.

Quote

Nick Mabey, Chief Executive Officer of E3G said:

“Given the urgency of climate change, today’s postponement on the EIB’s proposal to phase out fossil fuels by 2020 is disappointing. Europe needs to move away from risky fossil fuel investments, leaders including Germany are blocking the EIB from becoming a climate bank. We hope next month will see approval of the policy, something all European citizens deserve”

ENDS