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European Investment Bank announces new draft policy pledging to end all funding for fossil fuel projects by 2020
Author: Joe Ware and Katherine Kramer, Eco-Business, Published on: 9 August 2019
"European Investment Bank makes a big shift away from oil and gas", 5 August 2019
In December 2018, the bank had launched a public consultation on its energy lending policy, days after announcing, alongside the other multilateral development banks, that they intended to make their investment portfolios consistent with the 1.5ºC climate target enshrined in the Paris Agreement.
[On] Friday [...] the results of the consultation and the Bank’s draft energy lending policy were published.
Most exciting was the EIB’s pledge that: “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.” ...
The EIB draft policy covers all aspects oil and gas for energy—including its transport and combustion, not just its exploration and production...
The bank’s Board of Directors will be discussing the draft policy on September 10, and this welcome proposal needs to have their stamp of approval to actually become EIB policy. The board needs to show climate leadership and turn that draft into reality.