Tell the EIB: Pass This Ambitious Fossil Fuel Phase-Out Policy

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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.

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Comment

Big News: The European Investment Bank (EIB) just announced a draft policy that would phase out of all fossil fuel finance by the end of 2020! But the fight isn’t over: This ambitious policy still needs to be approved by the member state representatives who make up the EIB’s Board of Directors, and we can’t let them water it down. We’ve come this far and now we just need to take this ambitious policy across the finish line.

The science is clear: We need to stop expanding the fossil fuel industry, and we need to do it now. This means we can’t waste one cent more of government-backed finance on the fossil fuel industry. Luckily, we have a chance to take a big step toward that goal: this new EIB policy would mean €2.4 billion less per year in government backing for the fossil fuel industry, and would send a huge signal to financial institutions around the world that the era of oil, gas, and coal is coming to an end.

The EIB’s Board of Directors still needs to pass the ambitious draft policy, and without voices like yours, there’s a risk that some governments with a fossil fuel addiction will try to weaken the policy. This is our chance to get this ambitious policy across the finish line and end the EIB’s fossil fuel finance once and for all.

As the world’s largest multilateral lender, it’s crucial that the EIB take a leadership role. If they move on this issue, you can be sure that many other financial institutions will follow.

Tell the EIB’s shareholders it’s time to #StopFundingFossils.