Tell EIB management: Stay strong and create a #FossilFreeEIB

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Dear President Hoyer, Vice President McDowell, and the EIB Management Committee:

This summer you made history with your ambitious draft Energy Lending Policy for the EIB. We applaud the world-leading ambition in the first draft of the policy, which sent an unambiguous message that we can no longer afford to spend public money on fossil fuels. Your leadership was recognized at the UN Climate Action Summit, and by advocates for ambitious climate action around the world.

I’m writing to ask that you maintain this ambition and submit the original draft energy policy for a vote at the October 15 meeting of your Board of Directors.

Last week, more people took to the streets for the global climate strikes than have ever done so before. It is clearer than ever that bold climate leadership is needed from all of our public institutions, and the EIB can play a big role in inspiring other international financial institutions to act.

The revised draft energy policy provides too many loopholes for gas projects to be built into the 2020s, at a time when it is beyond clear that the only livable and equitable future is one with a rapid transition to 100% renewables. Contrary to what the revised draft policy suggests, carbon capture and storage and so-called non-fossil gas should only be counted on if they can be shown to be safe, zero-carbon, and cost-effective – none of which are close to being the case today. 

Please stand firm behind the world-leading ambition expressed in your initial draft of the energy lending policy, and bring the July draft to a vote. 

Thank you for your leadership to date.

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    In July, the European Investment Bank made history by becoming the first major public bank to propose a full phaseout of fossil fuel finance. But the gas industry has been working to weaken the draft policy all summer and turn the member states who will need to vote on it against it. Last week, Big Gas secured a victory when the EIB released a revised draft policy with more loopholes to keep money flowing to gas projects.

    Now we need to push back.

    The EIB management team deserves tremendous credit for making the original draft so ambitious, which is why it’s so disappointing to see this shift. Even worse, they are undoubtedly under pressure to compromise even further. 

    We need to make sure that doesn’t happen.

    Send EIB management a message to make sure it’s clear that to be on the right side of history they need to build a fully #FossilFreeEIB.