Your letter will be delivered to the European Investment Bank's Board of Directors, Governors, and Management Committee:
We congratulate EIB management on releasing an ambitious and powerful draft energy lending policy that would end the EIB’s financing of fossil fuels beyond 2020.
We now call on the Bank’s shareholders to support this ambition. As Europe swelters in the midst of a deadly heatwave, the risks of the climate crisis couldn’t be clearer. It’s time for bold action, and we desperately need EU leadership on the issue of public finance for fossil fuels. Adopting the draft policy without loopholes that would allow more fossil fuel finance would send an extremely strong signal to other financial institutions, public and private, across the EU and around the world.
We ask you to support the draft policy’s ambition, and pass a final policy that excludes financing of fossil fuels. The world can’t wait any longer: if governments are to consider themselves climate leaders, they can’t support more public money flowing to long-lived fossil fuel infrastructure that would lock us further into a carbon-intensive future.
The EIB draft policy is right to be thinking about the issue from the perspective of how the EIB’s resources can be best deployed with a longer-term view on the energy transition. There are eight scenarios laid out by the European Commission as possible pathways to achieve net-zero emissions by 2050, and none of these allow for further expansion of the fossil fuel industry, least of all with public money.
EIB management has listened to the massive outpouring of public support for climate ambition in developing this draft policy. Now we call on the governments who make up the Bank’s shareholders to do the same: we are in a climate emergency, and it’s time to start acting like it. Support the ambitious draft policy and end the EIB’s support for fossil fuels.