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en/european-investment-bank-launches-new-climate-strategy-energy-lending-policy-including-divestment-from-fossil-fuels#c198955

Official announcement

Author: Richard Willis, EIB, Published on: 18 November 2019

"EU Bank launches ambitious new climate strategy and Energy Lending Policy", 14 November 2019

The board of the European Investment Bank (EIB) [on 14 November] ... agreed [on] a new energy lending policy... EIB President Werner Hoyer [said] “...large portions of our planet will become uninhabitable, with disastrous consequences for people around the world... We will stop financing fossil fuels and... launch the most ambitious climate investment strategy of any public financial institution..." ...The new energy lending policy details five principles... [including]: prioritising... the new EU target under the EU Energy Efficiency Directive... enabling energy decarbonisation through increased support for low or zero carbon technology... [and] increasing financing for decentralised energy production... the EIB will no longer consider new financing for... fossil fuel energy projects [and has] set a new Emissions Performance Standard... EIB Board of Directors approved a new strategy for climate action and environmental sustainability [including]... [aligning] all [EIC] financing activities with the principles and goals of the Paris agreement by the end of 2020... EIB Vice-President Emma Navarro [said]: "...the EIB, commit to mobilise investments on an unprecedented scale to support climate action projects... In addition, we commit to align all EIB Group activities with the principles and goals of the Paris agreement by the end of 2020...”

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