25 April 2022

The self-declared “world first climate bank” claimed it dedicated Euros 27,6 BLN to climate action and sustainability projects in 2021. But it consistently failed to disclose information which could help verify that the projects it supports are consistent with these claims or with environmental laws.

In three decisions published...the EU Ombudsman called on the bank to adopt a “more ambitious approach to its disclosure practice” to act in line with EU transparency laws.

Non-governmental organisations ClientEarth, CEE Bankwatch Network and Counter Balance have applauded this decision, which follows a complaint lodged two years ago...

Anna Roggenbuck, EIB Policy Officer at CEE Bankwatch Network, said: 

“For years we have been calling on the EIB and its governing bodies to enhance  transparency of operations through financial intermediaries. With the same concern, the European Parliament called on the bank to include contractual clauses requiring mandatory disclosures on lending activity.”

“Now the European Ombudsman concluded that the bank must publish relevant information on projects financed by intermediaries and that there is no justification for confidentiality here”...

With this decision...the watchdog closed the inquiry, giving the EIB until the end of October to explain how it has implemented its suggestions.