Energy lending for people and planet
Both the European Investment Bank and the European Bank for Reconstruction and Development are this year reviewing their energy lending policies. We demand an end to the support for fossil fuels, including coal.
Success! The EIB finally limits coal lending. Now all eyes are on the EBRD.
After the EIB followed the World Bank's example and strictly limited its coal lending (read our press release and a blog post), momentum has increased worldwide to convince the EBRD to go the same way.
The evidence - energy lending scrutinised
Stopping climate change isn't possible if a big chunk of public energy lending is still tied up in fossil fuels. The EIB has made a first step, now the EBRD has to do much more to support the transformation of our energy sectors.
The need for unambiguous climate action
"Energy markets can be thought of as suffering from appendicitis due to fossil fuel subsidies. They need to be removed for a healthy energy economy,"
Fatih Birol, Chief Economist at the International Energy Agency
Numerous organisations, public figures, national and international institutions are calling for a phaseout of fossil fuel subsidies. Others have provided renewed proof of impending dangerous climate change and the urgency to transform our energy sectors as soon as possible.
The case couldn't be clearer that the continued support of energy production from fossil fuels is in the way of decisive climate action.
NGO comments in detail
Read our policy comments
It is time to make a clear cut. We are calling to stop lending to fossil fuels infrastructure.
With a combined lending volume of approximately EUR 13-14 billion annually in the energy sector, a strict focus by the EIB and the EBRD on new renewables and energy efficiency could offer important benefits for Europe, its neighbours, and the world:
- bringing us on a path towards a 80-95% reduction in greenhouse gas emissions by 2050,
- create more jobs than lending in the conventional energy sector,
- strengthen Europe’s positions in a future proof market,
- send a signal to the rest of the world that a transformation of the energy sector is possible and desirable.
Energy lending reviewed
The climate crisis and the role of Europe's public banks
Coal free tweets
- Blog entry | December 13, 2013
- Press release | December 10, 2013
- Blog entry | November 21, 2013
- Press release | November 18, 2013
- Press release | September 30, 2013
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