Dreams of an EU Climate Bank go up in smoke
In their meeting on the 11 of November, the Directors of the EIB approved a Climate Roadmap that lacks ambition, ruining hopes that the bank would truly transform into the ‘EU Climate Bank’.
- Despite strong citizens and civil society mobilisation over the year, the new strategy falls short of ensuring the EIB will deliver on its climate commitments:
- There are still no requirements for EIB clients to adopt solid decarbonisation plans, so EIB funds could still come as a blank cheque to polluters
- The EIB is set to continue financing high-carbon projects like motorway expansion, industrial farming and biomass projects
- The EIB can still support climaticide projects until the end of 2022
While the EIB has failed to become a true leader in the fight against climate change, the Roadmap is still a step forward and contains a few elements that can push other financial institutions to improve, such as its decision to stop financing airport expansions.
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