Your letter will be delivered to European Investment Bank Directors, Governors, and Management Committee:
This moment, as you consider new energy lending criteria for the European Investment Bank (EIB), is a pivotal one:
Will you issue a collective shrug, or will the world’s largest multilateral lender choose to send a strong message that government-backed financing for the fossil fuel industry is no longer acceptable in a world facing a climate crisis?
Will you commit to making the EIB the EU’s financial vehicle for a rapid energy transition that will save lives, create jobs, and help ensure the EU does its part to meet the goals outlined in the Paris Agreement?
We ask you to ensure that the new EIB energy lending criteria exclude financing of fossil fuels. Among the eight scenarios laid out by the European Commission to achieve net-zero emissions by 2050, none allow for further expansion of the fossil fuel industry, least of all with public money.
The world’s preeminent scientists have recognized the need for a rapid energy transition away from fossil fuels, and have highlighted the massive risks of exceeding 1.5°C of warming. Thousands of students across the EU — and many more around the globe – have mobilized in the streets. And the smart money is already fleeing the fossil fuel industry. All of the signs point in one direction: Climate leadership is incompatible with continued financial support for the fossil fuel industry.
As you know, if the world is to meet the climate crisis with adequate ambition, then it’s imperative that the EU demonstrate leadership on climate action. The EIB has tremendous power to signal to the wider financial world that the era of government support for fossil fuels is ending. In this moment, we desperately need your leadership.