Perfect timing! In the midst of another record-breaking heatwave, the EU bank’s proposal to end all financing to fossil fuels comes as a breath of fresh air.
According to a just published draft new policy [1], starting end of next year, coal, oil and gas companies will have to knock on other doors to find money to keep their destructive projects running: the EU house bank will be closed for their business.
This is great news:
- It proves that people power works, and thousands of us taking action online and on the streets to demand a #FossilFreeEIB have had an impact! There’s no doubt: public pressure played a major role in getting this commitment (the EIB itself said so!).
- It’s another blow to the fossil fuel industry: they can’t keep digging and burning without access to loans, and private banks tend to follow the lead of big public banks like the EIB.
- It’s a brave step towards addressing the climate crisis, bringing new hope for a European Union powered by clean renewable energy in the hands of communities.
BREAKING: world’s biggest public lender @EIB is going #fossilfree! 🎉
This is awesome – but we still need YOU to help pressure politicians to approve this historic move.
Like and RT for a #FossilFreeEIB#FridaysForFuture #ClimateEmergency #DisruptFossilFinance pic.twitter.com/r3y6CQ0C37
— 350.org Europe (@350Europe) July 26, 2019
The European Investment Bank (EIB) is the world’s biggest multilateral public bank. Each year it invests billions of euro of public EU money. Its decisions on where this money flows can shape entire economies.
That’s why the EIB’s new “Energy Lending Policy” [1], which defines who can benefit from the Bank’s loans and guarantees, could be a breakthrough for the energy transition Europe urgently needs to address the climate crisis.
“The Bank will phase out support to energy projects reliant on fossil fuels: oil and gas production, infrastructure primarily dedicated to natural gas, power generation or heat based on fossil fuels. These types of projects will not be presented for approval to the EIB Board beyond the end of 2020.” – reads the new draft policy.
Us:
What now? The Bank’s Board needs to give its approval to this draft policy. Our national finance ministers sit on that board, and it’s crucial that they follow the EIB’s climate leadership and support of the new Energy Lending Policy.
Share this message to reach some of the key EU finance ministers and demand they take a stand:
Thanks for ditching fossil fuels, @EIB! 💐
Now ministers of key EU countries and the EU Commission must support the new policy of the EU Bank which ends loans to dirty gas, coal & oil.@OlafScholz @BrunoLeMaire @peteraltmaier @vonderleyen
Will you support a #FossilFreeEIB? pic.twitter.com/CplkeahgYW
— 350.org Europe (@350Europe) July 26, 2019
References:
[1] EIB energy lending policy: Supporting the energy transformation.