Response to European Investment Bank draft policy to stop funding fossils
The European Investment Bank’s proposal to end financing for fossil fuels by the end of 2020 is a massive step forward on climate leadership. With this move, the world’s largest multilateral lender is now poised to leave oil, gas, and coal in the past.
FOR IMMEDIATE RELEASE
26 JULY 2019
CONTACT:
Alex Doukas, alex [at] priceofoil [dot] org
Bronwen Tucker, bronwen [at] priceofoil [dot] org
Oil Change International response to European Investment Bank draft policy to stop funding fossils
Today, the European Investment Bank (EIB) released a draft policy which if adopted would commit the bank to phase out all fossil fuel finance by the end of 2020. This document will be presented for discussion at the September EIB Board Meeting. In response to the draft policy, Alex Doukas, Lead Analyst with Oil Change International, released the following statement:
“The European Investment Bank’s proposal to end financing for fossil fuels by the end of 2020 is a massive step forward on climate leadership. With this move, the world’s largest multilateral lender is now poised to leave oil, gas, and coal in the past.
“The European Union member states who control the bank must now stand behind the EIB’s game-changing climate leadership by swiftly approving this new policy, and other financial institutions should quickly follow suit and stop funding fossils.
“As Europe swelters under a record-breaking heatwave, with all-time high temperatures across Germany, France, the Netherlands, and Belgium, the need for bold climate action has never been clearer.
“Tens of thousands of people have signed petitions, written emails to their governments, and taken to the streets to demand a fossil free EIB. This strong draft from the EIB is a reflection of that people power and shows that our institutions can respond to the climate challenge when we bring our collective power to bear.
“We will not stop until our governments do what is required to fight the climate crisis – and that means ending all forms of government support for fossil fuels, and a managed and just transition away from oil, gas, and coal.”
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Notes:
The bulk of EIB finance for fossil fuels since 2013 has gone to fossil gas infrastructure, which today’s draft policy would end. Oil Change International research earlier this year debunked myths that this gas finance is compatible with Paris goals.
Previous analysis by Oil Change International indicated the EIB’s fossil finance has averaged nearly EUR 3 billion annually.
Oil Change International is a research, communications, and advocacy organization focused on exposing the true costs of fossil fuels and facilitating the coming transition towards clean energy.