European Investment Bank makes a big shift away from oil and gas

A cluster of wind energy turbines on scenic hills. Image: Tyler Casey for Unsplash One of the biggest good news stories of recent days, which went largely under the radar, was an announcement on Friday by the European Investment Bank (EIB) to ditch the funding of fossil infrastructure projects by the end of next year. As heat records are broken across the continent, and alarm bells are rung by EU scientists about the dangers of the climate emergency, one might think this move could have already been done, especially considering the mission of the EIB is “to make a difference to the future of Europe and its partners by supporting sound investments which further EU policy goals”. But let’s not quibble—this is to be welcomed. 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. Friday was the big day that the results of the consultation and the Bank’s draft energy lending policy were published. With carbon budgets compatible with the 1.5ºC goal being very tight—we […]

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