“Ending international public finance for fossil fuels would be a huge boost to climate action globally. The administration must now invest serious effort and diplomatic capacity to secure this shift in international finance away from oil, gas, and coal.”
To do anything less than stopping all public money to fossil fuels dishonors the memory and sacrifices of Saro-Wiwa, the Ogoni 9, and countless others who have risked and lost their lives to defend their lands and communities.
Yesterday, the EIB announced it will end financing for fossil fuel energy projects from the end of 2021.
This new policy is a signal to the wider financial community that the era of fossil fuels is past.
In these dark times, with daily doses of bad news of our growing climate emergency, we have to celebrate every climate victory we get. And last Friday there was one such victory.
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.
There is no room for further financing of fossil gas or any other fossil fuel projects by the EIB. This briefing calls for the new Energy Lending Policy to reflect this reality. The EIB cannot claim to uphold its commitment to align its finance with the Paris Agreement if it continues to finance fossil gas projects.