Your letter will be delivered to the Board of Governors and Directors of the European Investment Bank:
On the heels of the recent IPCC Special Report on 1.5ºC, the science is crystal-clear: To avoid the worst impacts of climate change, we must stop building new fossil fuel infrastructure.
As the “EU’s Bank” and world’s largest multilateral lender, I believe the EIB can be a real climate leader. At the UN climate talks in Poland, the EIB again committed to aligning its finance with the Paris Agreement. Aligning with Paris means we can’t afford to lock in fossil fuel dependency by spending scarce public money on gas pipelines which could operate for decades.
Next year’s review of the EIB’s energy lending criteria is a crucial opportunity to show the other multilateral development banks that true “Paris alignment” means an end to fossil fuel finance, while capitalizing on the opportunities presented by the rapid decline in renewable energy costs.
We’re banking on your strong leadership. Without it, too many financial institutions will carry on with business as usual. But if the EIB sends a strong signal, other investors will follow suit. EIB, it’s time to stop funding fossils and support a cleaner, healthier Europe.