14 November, Luxembourg – The European Investment Bank (EIB), the world’s largest international public bank and the €555bn lending arm of the EU, adopted a new lending policy that will cut finance to most fossil fuel projects as it tries to become the world’s first ‘climate bank’. Some countries including the German and Italian governments pushed for loopholes that could allow for dangerous fossil gas projects to be supported by the bank – campaigners will continue to fight against these.
“The EIB is the largest multilateral investor in climate-related projects in the world. But now, answering the call of European heads of state and European Commission President-elect Ursula von der Leyen, we intend to scale up our ambitions and strengthen the EIB’s role as the European Union’s dedicated climate bank. By mainstreaming climate considerations and targeting low-carbon investments, the EIB will be able to channel at least €1 trillion ($1.1 trillion) toward low-carbon projects over the next decade.”