The European Investment Bank (EIB) is the world’s largest multilateral lender, bigger even than the World Bank. As a public bank, it’s tasked with providing finance in the EU public interest, and it has an outsized influence on the EU’s energy system because of the private investment it can “crowd in” and the sheer amount of money it has at its disposal.
Over the last year the EIB has repeatedly unequivocally committed to aligning its finance with the Paris Agreement. This is especially well-timed news because the Bank is currently undergoing its once-every-five years Energy Lending Policy review process. But
"Every year there’s a new temperature record, it’s getting worse and worse and you feel like a broken record saying it. This should be the number one urgent conversation happening right now because it’s not just going to be Alaska, it’s going to be other communities all over the US"
A document from the early nineties reveals that Mobil was worried about climate change and secondly it was already funding groups with the intention of obfuscating the debate.
No matter how much spin they put on it, Canada is heading for its Kodak-climate moment.