EIB must stop funding fossil fuels, say 70 civil society groups

13.06.2019

Ahead of a meeting of the EU bank’s Governors in Luxembourg on Friday, 70 civil society organisations, think tanks and academics across Europe call for a fossil-free European Investment Bank (EIB) in a joint statement released today

On June 14th, the EU Finance Ministers will gather in Luxembourg as Governors of the EIB to discuss this year’s priorities for the bank of the European Union.

Civil society organisations, think tanks and academics across Europe have seized this occasion to underline in a statement the urgent need for a progressive energy and climate approach at the bank.

In particular, stemming from the “Fossil Free EIB” campaign launched earlier this year by a group of civil society organisations including Counter Balance, Friends of the Earth and many others, the statement calls for a complete end to funding of fossil fuel projects by the EIB.

Though the bank has already publicly committed to aligning its portfolio with the Paris Agreement, it currently still uses billions of EU tax payers’ money to fund energy infrastructure detrimental to our planet’s future: fossil fuels, especially gas.

According to civil society, it is the EIB’s responsibility, as the world’s biggest public bank, to lead the way towards the urgent energy transition, by switching its funds from fossil fuels to renewables and energy efficiency projects.

Echoing a call coming from tens of thousands of EU citizens – who made their voices heard during the bank’s public energy policy consultation – civil society groups call on EU Member States – as the EIB’s shareholders – to lead the bank in this direction.

To see the full letter and list of signatories, please click here.