On 22 February, Counter Balance hosted a webinar titled ‘Charting the course for a sustainable and social EIB?’. The webinar explored the operational landscape of the European Investment Bank (EIB) against the backdrop of a critical juncture marked by the appointment of Nadia Calviño as its president. Facilitated by a dialogue involving a professor from McMaster University, an EIB official, and a representative of Bankwatch, the session provided invaluable insights into the operational dynamics, challenges, and potential avenues for improvement within the Bank, aim of the webinar. Central to the discussions were governance structures and their profound impact on communities, with a particular focus on how the EIB could effectively address environmental and social concerns, especially through increased funding for green public services.
Throughout an hour-long discussion, several key themes emerged:
Just transformation:
The webinar underscored the historical oversight of public banks and emphasised the imperative of governance discussions for a just transition. While recognizing the EIB’s commitment to enhancing its green and social impact, it also acknowledged the pressing need for more effective measures to catalyse a truly just transformation that prioritises people’s wellbeing. This involves supporting public-public investments geared towards enhancing green public services.
Participation:
Advocacy for broader representation in decision-making processes was a recurrent theme. Stressing the necessity of including meaningful contributions from various stakeholders such as CSOs, unions, SMEs, and municipalities, the discussion highlighted the importance of enhancing the accountability and responsiveness of public banks to the communities they serve.
Transparency and accountability:
Concerns were voiced about the classification of projects, prompting a call for greater transparency and accuracy in defining climate action initiatives and fossil fuel phase-out strategies. The importance of adhering to statutory requirements, additionality, and avoiding commercial activities within the EIB’s mandate was emphasised. Additionally, the discussion highlighted the need for enhanced transparency in project implementation, due diligence procedures, and a well-functioning complaint mechanism. There was also an emphasis on the necessity for more strategic planning and integrated approaches to foster community engagement.
The speakers alternated in responding to questions from the moderator and concluded with the points raised by the audience which counted 40 participants, out of which 34 were European and new to Counter Balance’s webinars and panel discussions, coming from 13 EU countries.
This 1-hour-long webinar illuminated the multifaceted challenges and opportunities within the realm of public banking governance, underscoring the significance of inclusive decision-making processes and transparent accountability mechanisms in driving positive societal change.
A full recording of the webinar can be accessed here.
This webinar was organised by Counter Balance as part of the “Citizens’ Observatory for Green Deal Financing” project, financed by the European Education and Culture Executive Agency (EACEA).
